Bassanese Bites: Jackson Hope – August 19 2024
Global markets
Global stocks rebounded strongly last week thanks to a beautiful set of numbers from the United States suggesting the ‘soft landing’ scenario remains firmly on track.
After a testing few weeks in markets, last week was one of reassurance – that both US inflation continues to ease and the world’s largest economy remains free from recession.
In terms of inflation, the US producer price index (PPI) was a touch lower than expected – which was the first cause for market celebration. That was followed by the July consumer price index(CPI) a day later, where core prices rose by a benign 0.2% – in line with market expectations. Annual core CPI inflation eased from 3.3% to 3.2% – inflation would be lower still were it not for stubbornly firm housing inflation despite weakness in rents on new leases.
But wait – there’s more!
