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August PCE inflation rose 0.3% month-on-month and 3.4% year-on-year, below expectations. Core PCE rose 0.2% monthly and 3.3% annually, also cooler than predicted. Second-quarter GDP was revised up to a 2.2% annualized rate, while September private sector jobs added by ADP surged to 90,000, exceeding forecasts.
Major U.S. stock indexes traded higher as a softer-than-expected PCE inflation report increased hopes the Federal Reserve might hold off on further rate hikes. Headline PCE rose 0.3% in August, below forecasts, while core PCE rose 0.2%.
US equity index futures rise; S&P 500 up ~0.3% August PCE MM, YY 1%; bitcoin up >2% US 10-year Treasury yield dips to ~5.23% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at Td Cowen Says Ai Promises Hospitals A Margin Cure Artificial inte
US stock futures rose, with S&P 500 E-mini futures gaining about 0.4%, after the August PCE report showed inflation rose 0.3% month-on-month, below the 0.4% estimate. The annual rate was 2.6%, below the 3.7% forecast.
Stoxx 600 is up 0.1% with September typically the worst month; S&P futures slightly higher, while Brent remains above $103/bbl amid disrupted supplies.
STOCKS POISED FOR NEXT LEG HIGHER... IF OIL DROPSEuropean shares look set to close out Q3 almost exactly where they started, with September, typically the worst month for the STOXX 600, notching a near 2% decline.But Barclays notes that, historically, things tend to go better from here."Equities ha…