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US Inflation Data, China Covid Targets

European shares were cautiously higher on Friday as global markets held up after a weaker-than-expected US consumer price index signaled that inflation may have peaked.

The pan-European Stoxx 600 was up 0.2% late in the morning, having pared earlier gains of around 0.7%. Financial services increased 2.2% while healthcare fell 1[ads1].7%.

The European blue chip index closed 2.8% higher on Thursday after the release of the US CPI, which sent major state averages to their biggest one-day rally since 2020.

Markets hope the data could encourage the US central bank to ease its aggressive monetary policy.

US stock futures rose early on Friday, pointing to further gains on Wall Street, with investors also eyeing outstanding results from the US mid-term elections.

Investor optimism was boosted on Friday after China said it would ease some Covid measures, which sent Hong Kong’s The Hang Seng Index rising more than 7% overnight.

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