- Is life possible on a Jupiter moon? NASA goes to investigate
- Dodgers crush Mets 9-0 in MLB playoff series opener
- South Korea military says 'fully ready' as drone tensions soar
- Cummins back, Marsh and Head out of Pakistan ODI series
- Shanghai stocks swing after stimulus briefing as most of Asia rises
- New Zealand's Latham promises 'no fear' as he takes charge for India Tests
- Kyrgios vows to 'shut up' doubters with December comeback
- Public hearings start into death of Brit by Russian nerve agent
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- 'Stolen satire' feeds US election misinformation
- Rookie McCarty captures first PGA Tour title in Black Desert Championship
- Australia all-rounder Green ruled out of India Test series
- Seeing double in Nigeria's 'twins capital of the world'
- UK FM to attend EU foreign affairs talks for first time in 2 years
- Carter, Billups among 13 new Basketball Hall of Fame inductees
- Ravens rip Commanders as Lions lose NFL sacks leader in win
- Hezbollah drone strike kills four, wounds dozens at Israeli base
- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
Sticky US inflation data holds back stocks
Sticky US inflation data kept stocks from making further sharp gains on Tuesday although indices held near peaks or records as investors bet on interest rate cuts.
Investors had been looking to the data for confirmation that inflation continues to fall in the United States and that the Federal Reserve could begin cutting rates early next year.
The data showed headline annual consumer inflation in the United States edged down for a second straight month in November, to 3.1 percent in November from 3.2 percent in October.
But on a monthly basis, prices rose by 0.1 percent although analysts had expected them to remain flat.
Core inflation which excludes volatile food and energy prices rose by an expected 0.3 percent.
"The key takeaway from the report is the recognition that core CPI was 'sticky', largely because the shelter index" which was up 0.4 percent, said Briefing.com analyst Patrick O'Hare.
"That should continue to give the Fed some pause about cutting rates anytime soon; and it may very well keep the Fed vocalising the idea that it could possibly raise rates again if progress in fighting inflation stalls," he added.
A string of data pointing to a slowdown in US inflation and a softening of the labour market -- but at a pace suggesting the economy will not tip into recession -- has seen a surge in bets on the Fed cutting borrowing costs as many as four times in 2024.
That has propelled US and European equity markets higher.
Paris and Frankfurt both set record highs before the US inflation data was released, then pared gains.
On Wall Street, the Dow index ended at the highest level in two years on Monday, and rose 0.1 percent as trading got underway.
The tech-heavy Nasdaq was flat and the S&P 500 dipped 0.1 percent.
Investors will now be looking to the US Federal Reserve's final policy meeting of the year, in particular comments by Fed officials including chief Jerome Powell, as well as updated Fed forecasts, for indications about when they may begin cutting rates.
Analyst Bret Kenwell said that while the overall data shows inflation continues to moderate, it also shows there are hurdles to overcome to get down to the Fed's target of two percent.
"Because this report lacked an unexpected spike in inflation, investors will likely remain focused on the timing of the first rate cut vs. worried about another rate hike," he said.
"A lower-than-expected inflation result would have likely increased odds that we get a rate cut in March — odds of which currently sit just above 40 percent. Lacking that outcome this morning, perhaps this acts as an excuse for the market to pull back a bit, or at the very least, consolidate," he added.
The European Central Bank and Bank of England give their latest interest-rate decisions on Thursday.
The dollar traded mixed after the US jobs report.
Oil prices tumbled more than 2.5 percent amid concerns about demand given tepid global growth and ample supplies despite pledges by OPEC+ nations to further cut production.
- Key figures around 1430 GMT -
New York - Dow: UP 0.1 percent at 36,448.44 points
London - FTSE 100: UP 0.2 percent at 7,560.29
Paris - CAC 40: FLAT at 7,552.21
Frankfurt - DAX: DOWN less than 0.1 percent at 16,779.69
EURO STOXX 50: FLAT at 4,538.64
Tokyo - Nikkei 225: UP 0.2 percent at 32,843.70 (close)
Hong Kong - Hang Seng Index: UP 1.1 percent at 16,374.50 (close)
Shanghai - Composite: UP 0.4 percent at 3,003.44 (close)
Dollar/yen: DOWN at 145.63 yen from 146.09 yen on Monday
Euro/dollar: UP at $1.0784 from $1.0761
Pound/dollar: DOWN at $1.2547 from $1.2562
Euro/pound: UP at 85.96 pence from 85.72 pence
West Texas Intermediate: DOWN 2.6 percent at $69.44 per barrel
Brent North Sea crude: DOWN 2.6 percent at $74.09 per barrel
burs-rl
T.Ward--AMWN