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Inflation Angst Lifts Stocks but Reins Back Dollar

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Inflation Angst Lifts Stocks but Reins Back Dollar

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LONDON—World markets stayed focused on rising inflation on Thursday as tech stocks rebooted global equities, oil and gas prices fired up again but the dollar and benchmark government bond yields both stalled. Record high Chinese factory gate inflation data overnight following stronger-than-expected U.S. CPI figures on Wednesday meant the price pressure theme was very much alive but the reaction from traders was looking more nuanced. The dollar, which has been driven to a more than 1-year high this week by growing bets on a U.S. interest rate rise in 2022, eased for a second day in a row along with the 10-year U.S. treasury yield which tends to drive global borrowing costs. Europe’s STOXX 600 index also climbed to its highest point of the month as investors there put aside recent caution. Wall Street futures added 0.5 percent too ahead of more inflation data and big bank earnings later. “Our …

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