Morning Report 13 Dec 24: Wall Street dips as investors digest inflation and jobs data after strong rally
Description
US producer prices have seen a notable jump, driven by higher egg costs, though categories closely monitored by the Federal Reserve showed softer increases. Weekly jobless claims in the US rose unexpectedly, signaling potential shifts in the labor market. In corporate news, Adobe shares dropped as slower subscription spending weighed on investor sentiment. Meanwhile, in Europe, a trifecta of central banks cut interest rates in response to evolving economic conditions. Over in China, the government pledged further debt and rate cuts as looming tariffs from the Trump era raise concerns. Gold prices slid from a five-week high, while the US dollar strengthened on the back of fresh inflation data. Looking ahead, Aussie shares are expected to edge lower, pressured by declining commodity prices.
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