Asian markets were mixed Monday after data showed a slight uptick in US inflation but Federal Reserve boss Jerome Powell said the reading was “in line with expectations”.
from France24
Traders were also cheered by a big jump in Chinese factory activity that fuelled hopes that the world’s number two economy may have bottomed out.
The advances came after the Dow and S&P 500 ended at records Thursday, with the latter chalking up its best first quarter since 2019.
Long-awaited figures on the personal consumption expenditures (PCE) index — the Fed’s preferred gauge of inflation — showed a small on-year rise in March compared with February, though the core reading eased slightly.
Powell said the report “is pretty much in line with our expectations” and decision-makers were on track to hit their long-term inflation target of two percent.