Shares advanced broadly in New York on better-than-expected retail sales, tempered inflation expectations and solid banking results.
US stocks advanced broadly, bolstered by better-than-expected economic data and quarterly results as well as an effort by Federal Reserve policymakers to dispel the prospect of a 1 per cent rate rise this month.P 500 advanced 1.7 per cent; the Nasdaq Composite was 1.6 per cent higher.In New York: BHP +1.7% Rio +0.9% Atlassian +1%P 500 industry sectors up.
Separately, consumers tempered their inflation expectations in July, a fourth report from the University of Michigan showed. The survey’s elevated reading of consumer inflation expectations in June’s preliminary survey was a factor in Fed officials’ decision to lift interest rates last month by three-quarters of a percentage point rather than by just a half point.
Italian shares rose 1.8 per cent, bouncing off 2-1/2 year lows hit in the previous session as investors awaited further developments in a political crisis brewing in the country. The critical Nord Stream 1 gas pipeline to Germany from Russia is planned to reopen on July 21 after closing for maintenance this week.
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