Markets Pause Ahead of US Inflation and Jobs Data
Global stocks traded narrowly on Thursday as investors paused after months of record gains, awaiting key U.S. inflation and jobs data for direction. Markets have rallied since Donald Trump’s April tariff shock, supported by trade deals and expectations of Federal Reserve rate cuts.
The Fed has already lowered rates and signaled more easing this year, though Chair Jerome Powell warned that valuations are “fairly high” and cautioned there is “no risk-free path” on monetary policy. The central bank’s preferred inflation gauge, the PCE index, and next week’s non-farm payrolls report are in focus.
In Asia, Tokyo gained while Hong Kong was flat despite Alibaba’s continued surge and a strong debut from Chery Automobile, which raised $1.2 billion in its IPO. Shanghai, Sydney, and Singapore slipped, while Taipei, Seoul, and Manila were little changed. Wall Street posted a second straight day of losses.
Still, Bank of America economists remain optimistic, citing global fiscal support, Fed easing, and broadening profit growth. They see stronger earnings and GDP expansion as a more likely 2026 outcome than stagflation or recession.
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