US stocks opened higher today as softer-than-expected economic data buoyed investor sentiment. The Personal Consumption Expenditures (PCE) index, a key measure of inflation, came in at 2.2% for August, down from 2.5% in July and below the anticipated 2.3%. This marks the smallest annual rise in prices in over three and a half years, signalling further easing in inflationary pressures. Meanwhile, the University of Michigan’s Consumer Sentiment Index for September surpassed expectations, climbing to 70.1—its highest level since April. The dollar index edged lower, trading at 100.44, while the 10-year US Treasury yield retreated to 3.77%, giving up yesterday's gains as markets digested the inflation and consumer confidence data.
In the LME space, aluminium held steady above the $2,600/t level, trading at $2,646/t at the time of writing. Copper faced resistance near the $10,000/t mark, hovering just below at $9,999/t. Lead and zinc remained largely unchanged at $2,132/t and $3,096/t, respectively. Nickel continued its upward streak, rising to $16,985/t.
Precious metals softened amid a stronger dollar. Gold edged lower to $2,647/oz, while silver struggled to maintain momentum above the $32/oz level, retreating to $31.66/oz. Oil prices were relatively flat after yesterday’s decline, with WTI and Brent crude trading at $67.8/bbl and $71.6/bbl, respectively.
All price data is from 27.09.2024 as of 17:30
