Market Recap I 16-May-2024
In April, the US consumer price index (CPI) rose by 0.3%, falling short of the anticipated 0.4%. This has sparked hopes for a 50-basis-point rate cut by the Fed this year, with the first quarter-point drop anticipated in September.
Additionally, weak April retail sales data further fueled optimism for cooling inflation ahead.
Oil prices rose in Asian trading on Thursday, building on gains from the previous session, driven by a softer-than-expected US consumer inflation report.
Moreover, a larger-than-expected decline in US inventories strengthened bets on tighter global supplies in the coming months.
The recovery of the Japanese Yen stalled as gross domestic product data revealed that the Japanese economy contracted significantly more than expected in the first quarter, with consumer spending showing a significant decline. This development raised doubts about the extent to which the Bank of Japan can continue raising interest rates.
The phenomenon of meme stocks appears to be making a comeback, with shares of GameStop and AMC Entertainment recently experiencing significant surges.
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