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World Shares Rise On Positive U.S. Spending, Inflation Data
- By The Financial District
- May 28, 2022
- 2 min read
World shares rose and the dollar weakened on Friday after data showed US consumer spending rose in April and the uptick in inflation slowed, two signs the world's largest economy could be on track to grow this quarter, Elizabeth Dilts Marshall reported for Reuters.
Photo Insert: The MSCI world equity index, which tracks shares in 45 nations, rose 10.29 points or 1.61% at about 10:30 a.m. EDT (1430 GMT).
Consumer spending, which accounts for more than two-thirds of US economic activity, increased 0.9% last month, and although inflation continued to increase in April, it was less than in recent months.
The personal consumption expenditures (PCE) price index rose 0.2%, the smallest gain since November 2020.
In related news, the US would not block China from growing its economy but wanted it to adhere to international rules, Secretary of State Antony Blinken said on Thursday in remarks that some investors interpreted as positive for bilateral ties.
The swing toward broadly positive market sentiment drove the dollar to one-month lows against an index of currencies.
The MSCI world equity index, which tracks shares in 45 nations, rose 10.29 points or 1.61% at about 10:30 a.m. EDT (1430 GMT). Global equity funds saw inflows in the week to May 25 for the first week in seven, according to Refinitiv Lipper. European shares hit a three-week high rose 1.33%.
Britain's FTSE also hit a three-week high, and was heading for its best weekly showing since mid-March. Emerging market stocks rose 1.96%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 2.24% higher, while Japan's Nikkei rose 0.66%.
The Dow Jones Industrial Average rose 256.38 points, or 0.79%, to 32,893.57, the S&P 500 gained 66.27 points, or 1.63%, to 4,124.11 and the Nasdaq Composite added 284.27 points, or 2.42%, to 12,024.92. Asian shares also benefited from hopes of stabilizing Sino-US ties and more Chinese government stimulus.
