4,060
September 12, 2024, 9:44 AM
[# US stocks staged a V-shaped rebound in intraday trading ## International oil prices rebounded significantly #On Wednesday, the August inflation data in the United States were mixed, traders downgraded their bets on a sharp 50 basis point cut in interest rates by the Federal Reserve in September, the dollar index and Treasury yields rose in the short term, and the three major U.S. stock indexes continued their volatility since September. At one point, the Dow fell more than 700 points, falling below the 40,000 mark. However, driven by technology stocks, the three major stock indexes flattened their losses and collectively pulled up. By the close, the Dow was up 0.31%, the S & P 500 was up 1.07%, and the Nasdaq was up 2.17%.
Us CPI rose 2.5% year on year in August Core inflation stickiness exceeded expectations
Specifically, data released by the US Labor Department on Wednesday showed that the US consumer price index (CPI) rose 2.5% in August from a year earlier, down significantly from the previous value of 2.9%, slowing for the fifth consecutive month and the smallest increase since February 2021. Excluding volatile food and energy costs, core CPI rose 3.2 per cent in August from a year earlier and remained stable, while core CPI rose 0.2 per cent from a month earlier, slightly higher than expected and the biggest increase in four months. In terms of sub-indicators, the slowdown in overall inflation in August was mainly driven by lower commodity prices, while the unexpected rise in core inflation was mainly due to accelerated growth in housing and transport costs. Wall Street analysts believe that although overall inflation in the US is still moving towards the Fed's target range of 2 per cent, core inflation is sticky beyond market expectations. Market expectations of a 50 basis point cut in interest rates at next week's monetary policy meeting have cooled sharply, reaching 85 per cent.
On the 11th, the three major European stock indexes rose and fell differently.
The three major European stock indexes fluctuated throughout the day on Wednesday. The UK's GDP rose flat in July from a month earlier, indicating that the UK economy has stagnated for the second month in a row, dragging down the performance of the UK stock market. As of the close, the three major European stock indexes were up and down on the same day. Of this total, the UK's FTSE 100th index fell 0.15 per cent, France's CAC40 fell 0.14 per cent, and Germany's DAX rose 0.35 per cent.
International oil prices rebounded significantly on the 11th
In the crude oil market, on Wednesday, the latest data from the US Energy Information Administration showed that inventories in Cushing, a commercial crude delivery site, fell by 1.7 million barrels month-on-month last week. Affected by Hurricane Francine, energy companies such as ExxonMobil, Shell and Chevron have shut down some facilities in the Gulf of Mexico, evacuating workers from 130 offshore platforms, and oil production capacity is likely to be reduced by more than 400000 barrels per day. It accounts for about 24% of the oil production capacity in the Gulf of Mexico of the United States. All the above news tightened the supply of crude oil, and international oil prices rebounded significantly from the sharp fall in the previous trading day. As of the close of the day, the futures price of light crude oil for October delivery on the New York Mercantile Exchange closed at US $67.31 per barrel, an increase of 2.37%. The futures price of London Brent crude for November delivery closed at US $70.61 per barrel, an increase of 2.05%.
The international gold price fell slightly on the 11th.
The rising dollar index put upward pressure on gold prices, which fell on Wednesday. By the end of the day, gold futures for December on the New York Mercantile Exchange closed down 0.03 per cent at $2542.4 an ounce.
