The S&P 500 was 1.6% higher in morning trading, adding to its last-hour rally from a day earlier built on anticipation of the inflation data.
A currency trader passes by the screens showing the foreign exchange rates at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Dec. 14, 2022. Stocks rose Wednesday in Asia after a rally on Wall Street spurred by news that inflation in the U.S. cooled more than expected last month.
Also Wednesday, the Bank of Japan’s quarterly “tankan” survey showed a deterioration in business conditions for major Japanese manufacturers, reflecting higher costs for industrial inputs and energy and weaker demand as the Fed and other central banks raise interest rates to tame inflation. “Today’s Tankan survey suggests that while the services sector is going from strength to strength, the outlook for the manufacturing sector continues to worsen," Darren Tay of Capital Economics said in a commentary. He noted that capital spending projections also weakened slightly.
The detail of the inflation data “under the hood being less encouraging than it is on the surface," Mizuho Bank economists said in a report. They noted that core services prices were up 0.4% from a month earlier, distorting inflation risks. A Fed rate hike of 0.50 percentage points would usually be a big deal because it's double the typical move. But with inflation coming off its worst level in generations, it would be a step down from the four hikes of 0.75 percentage points the Fed has approved since the summer.
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