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Stocks Climb, Yields Steady Before Inflation Data: Markets Wrap

(Bloomberg) — US equity futures rose Friday before a report on US producer prices that will be one of the final pieces of data to inform a rate decision by the Federal Reserve next week.

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Contracts on the S&P 500 added 0.3% after the underlying benchmark notched its first advance this month. A European equity benchmark swung to a gain, paring its weekly loss to 1.2%. Asian equities headed for their sixth weekly gain, the longest such stretch in two years.

Treasury yields were little changed, with the 10-year rate just below 3.5%. The dollar erased a loss.

Investors are taking heart from any signs of softness in prices that may allow policymakers around the world to be less hawkish and more supportive of growth.

At the same time, Fed officials are leery of fanning stock rallies that ease financial conditions too much and thwart their inflation-fighting mission. Strategists have lined up to warn investors against piling back into risk on hopes the Fed is getting close to pivoting to easier policy.

“Central banks will rather be on the safe side when it comes to future inflation after having underestimated inflationary pressures last year,” Karsten Junius, chief economist at Bank J. Safra Sarasin Ltd., wrote in a note to clients, adding that a pause in rate hikes is some way off.

Friday’s US producer price index for November will offer a progress report on how effective the Fed’s campaign to quell inflation has been. The PPI in October cooled more than expected. And there are some signs the labor market has tempered, with continuing jobless claims climbing to the highest since early February.

“Traders will be closely watching today’s PPI data, with S&P 500 options markets pricing the largest potential move around any PPI release this year,” said Hugo Bernaldo, senior cross-asset trader at Optiver. “Investors will also be looking for clues in today’s data of how Tuesday’s more important CPI figures will come in.”

Elsewhere in markets, oil rose Friday while heading for a weekly drop of around 10% after a volatile session on Thursday on concerns over economic outlook. Gold advanced for a fourth day.

Key events this week:

US PPI, wholesale inventories, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:


Futures on the S&P 500 rose 0.3% as of 6:10 a.m. New York time

Futures on the Nasdaq 100 rose 0.4%

Futures on the Dow Jones Industrial Average rose 0.2%

The Stoxx Europe 600 rose 0.6%

The MSCI World index rose 0.3%


The Bloomberg Dollar Spot Index was little changed

The euro was little changed at $1.0557

The British pound rose 0.2% to $1.2260

The Japanese yen rose 0.4% to 136.12 per dollar


Bitcoin rose 0.2% to $17,214.43

Ether rose 0.4% to $1,283.57


The yield on 10-year Treasuries was little changed at 3.49%

Germany’s 10-year yield advanced five basis points to 1.87%

Britain’s 10-year yield advanced three basis points to 3.12%


West Texas Intermediate crude rose 1% to $72.16 a barrel

Gold futures rose 0.3% to $1,807 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Rob Verdonck.

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©2022 Bloomberg L.P.


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