The Australian share market has claimed in early trade followed by a strong trading session on Wall Street last Friday, despite that the US inflation hitting the highest level in almost four decades.
The Australian share market has risen in early trade, following a strong session on Wall Street last Friday where traders shrugged off US inflation hitting the highest level in almost four decades.The US Federal Reserve will meet later this week to discuss monetary policyThe ASX 200 gained 0.3 per cent to 7,377 points by 10:25am AEDT, led by a 1.1 per cent jump in energy stocks.The Brent crude oil price ended last week around $US75 a barrel.
A report from the Labor Department showed consumer prices index surged last month to a 6.8 per cent annual growth rate, the highest reading in more than 39 years.But some leading investors warned the US Federal Reserve is underestimating inflation risks. "The characterisation of inflation as transitory, it's probably the worst inflation call in the history of the Federal Reserve," Allianz SE's Mohamed El-Erian told CBS on Sunday."So the Fed must quickly, starting this week, regain regain control of the inflation narrative and regain its own credibility.
The Fed is convening this week for its monthly two-day monetary policy meeting, which market participants will be scrutinising for any clues regarding those rate increases along with an acceleration in the pace at which it will reduce its bond purchases.The Australian dollar ended last week near its highs, up 2.4 per cent at 0.72 US cents.
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