Global stocks inch up, oil steady before US CPI

On Wednesday, global stocks continued to climb, while oil prices remained stable ahead of the United States' Consumer Price Index (CPI) data release. The CPI rose by 0.1% in July, after falling 0.4% in June, meeting expectations and showing a slowdown in annual inflation to 3.4% from 3.5% in June. Fed Chair Kevin Warsh expressed optimism about the data, suggesting a likely stable market reaction as the Fed considers maintaining current interest rates.

Traders anticipated roughly a 55% chance that the Federal Reserve would keep policy rates within the 3.50% to 3.75% range in the upcoming meeting.

In response to the CPI data, U.S. stock futures, including the S&P 500 e-minis, increased by 0.4%. Nasdaq futures saw an 0.8% rise, buoyed by CoreWeave's positive earnings report. In Europe, the STOXX 600 index gained approximately 0.2%. Stock indexes in Frankfurt, Paris, and London also experienced gains of 0.1% to 0.4%. Asian markets also saw gains, with South Korea's Kospi up by 3.7% and Japanese and Taiwanese stocks each rising about 1%.

Despite the Iran war talks continuing, senior Iranian officials stated that no discussions were ongoing with the U.S. to extend the ceasefire, as there was no official starting date for the deal. Stock markets worldwide were near record highs, with U.S. crude and Brent oil prices both edging upward. The dollar index declined to 99.69, and the euro and sterling both increased after the U.S. inflation data. Gold and silver prices also rose, marking a positive trend in the commodities market.