Yahoo Finance Wall Street mixed ahead of inflation data but FTSE closes higher
A look at how markets are performing this Monday
The FTSE 100 and European stocks finished higher ahead of inflation data in the UK and US this week, while Wall Street was mixed.
The FTSE 100 (^FTSE) rose 0.84% to close at 7,422 points, while the CAC 40 (^FCHI) in Paris gained 0.51% to 7,081 points. In Germany, the DAX (^GDAXI) jumped 0.58% to 15,322. The Stoxx 600 (STOXX) advanced 0.67%, aided by healthcare stocks.
Across the pond, US stocks were mixed as investors geared up for a key US inflation reading and a week packed with potential insight on how consumers are holding up in the face of high borrowing costs.
The Dow Jones (^DJI) rose 0.11% to 34,320 points. The S&P 500 (^GSPC) was flat at 4,413 points and the tech-heavy NASDAQ (^IXIC) fell 0.10% to 13,784 points.
US inflation figures are due on Tuesday and investors will be hoping the data backs the growing hopes that interest rates have peaked.
"While it seems improbable that anything less than a significant escalation in the current incoming price data would be sufficient to reconsider the possibility of a rate hike in December, this week's upcoming inflation figures from the US will likely reinforce the Federal Reserve's position that it is premature to conclusively determine whether consumer price growth in the world's largest economy is firmly and sustainably on track to reach the targeted 2%," SPI Asset Management's Stephen Innes said.
Read more: UK property asking prices drop by more than £6,000 in November
In the UK, inflation figures are due on Wednesday and there is hope for a significant drop in the headline figure.
The Bank of England expects headline inflation to fall sharply from 6.7% in September to below 5% in October.
In Asia, the Hang Seng (^HSI) in Hong Kong rose 1.23% to 17,414 while the Shanghai Composite (000001.SS) gained 0.25% to 3,046 points. Tokyo’s Nikkei 225 (^N225) finished basically flat, rising just 0.05% to 32,585 points.
Meanwhile, oil prices were lower at the start of the session amid growing concerns about demand and waning geopolitical risk premium but have since bounced back.
West Texas Intermediate (CL=F) rose 1.17% and is trading at $78.07 per barrel. Brent crude (BZ=F) futures advanced 1.20% to $82.41 per barrel.
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