European, Asian stocks rise as traders eye US inflation
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Asian and European stock markets rose as investors await fresh U.S. and European inflation data for more clarity on the outlook for interest rates. Last week, Federal Reserve officials warned they wanted more evidence that prices were being brought under control, fueling worries they might not cut interest rates this year. Wall Street's S&P 500 index and the Nasdaq both benefited from figures showing one-year expectations for prices edged down slightly, while consumer sentiment picked up. Asian markets were also boosted by news that profits at China's industrial companies rose in April. European markets rose despite a survey showing German business sentiment stagnated in May. London and Wall Street were closed for a holiday. Focus is now turning to the release of the U.S. personal consumption expenditures (PCE) index, which is the Fed's preferred gauge of inflation. Eurozone inflation data for May will be released on Friday. Oil prices extended last week's gains ahead of a key June 2 meeting of OPEC and other major producers. In company news, the stock price of Evergrande New Energy Vehicle, the electric vehicle arm of China's Evergrande, more than doubled after it emerged liquidators were in talks with potential buyers.
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http://www.naharnet.com/stories/en/305502
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