By Chris Prentice and Stefano Rebaudo
NEW YORK/MILAN, Aug 13 (Reuters) - Global equities rose on Thursday as investors pared back their bets on a U.S. rate hike, while oil prices fell more than 2% as higher inventories and lower global demand forecasts offset geopolitical concerns.
U.S. producer price data, which was unchanged in July, reduced expectations for a Federal Reserve rate hike next month, helping tech stocks power the S&P 500 to an intraday record high.
The data followed Wednesday's consumer price report, which showed U.S. prices rose 3.4% in the 12 months through July, in line with economists' expectations.
Traders scaled back their bets on a September rate hike, pricing in a 65% probability of the Fed staying on hold next month versus 50% on Wednesday.
#hike #bets
NEW YORK/MILAN, Aug 13 (Reuters) - Global equities rose on Thursday as investors pared back their bets on a U.S. rate hike, while oil prices fell more than 2% as higher inventories and lower global demand forecasts offset geopolitical concerns.
U.S. producer price data, which was unchanged in July, reduced expectations for a Federal Reserve rate hike next month, helping tech stocks power the S&P 500 to an intraday record high.
The data followed Wednesday's consumer price report, which showed U.S. prices rose 3.4% in the 12 months through July, in line with economists' expectations.
Traders scaled back their bets on a September rate hike, pricing in a 65% probability of the Fed staying on hold next month versus 50% on Wednesday.
#hike #bets
2 days ago
