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European assets jump after U.S. inflation slows

2023-07-12 21:27
MILAN European shares, currencies and bonds rallied on Wednesday after U.S. inflation slowed in June, feeding bets the
European assets jump after U.S. inflation slows

MILAN European shares, currencies and bonds rallied on Wednesday after U.S. inflation slowed in June, feeding bets the Federal Reserve is nearing the end of a series of steep interest rate rises.

The U.S. consumer price index rose 3.0% year-on-year last month, scoring its smallest annual increase in more than two years, while excluding food and energy prices it rose 4.8%. Both were below expectations of economists polled by Reuters.

The euro climbed to a fresh high in around 10 weeks and was last up 0.5% at $1.107, while Europe's STOXX 600 equity benchmark index extended gains to rise 1.3%.

Germany's 10-year bond yield, the benchmark for the euro zone, turned lower following the data and was last down 6 basis points at 2.589%.

(This story has been corrected to change the euro level to $1.107, from $1.07, in paragraph 3 )

(Reporting by Danilo Masoni; Editing by Amanda Cooper)