GLOBAL MARKETS-Global stocks hit record after U.S. inflation data

NEW YORK:A gauge of global equity markets rose to record highs on Tuesday, led by surging technology-related stocks, as Treasury bond yields eased after U.S. consumer price data for March showed the pace of inflation was not rising wildly. The consumer price index rose 0.6%, the biggest increase since August 2012, as rising vaccinations and fiscal stimulus unleashed pent-up demand. But the data is unlikely to change Federal Reserve Chair Jerome Powell’s view that higher inflation in coming months will be transitory. “We’re just going to have a temporary flame-up in prices but there will not be any structural inflation that’s here to stay,” said Carlo Franchini, head of institutional clients at Banca Ifigest SpA in Milan. “Fed comments continue to be conciliatory.” The dollar fell and gold prices, a traditional inflation hedge, rebounded from their lowest in more than a week. Equity markets took the data in stride, especially technology-heavy indexes whose stocks can be affected by rising debt costs. MSCI’s gauge of equity performance in 50 countries advanced 0.34% to an all-time peak, led by gains in Apple Inc, Microsoft Corp and Amazon.com Inc, the top three holdings of the benchmark index. Apple rose 2.4%, Microsoft 1.0% and… Read full this story

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