[European Open] US June CPI Release Ahead... Early Session Uptrend
On the morning of the 12th, ahead of the release of the US Consumer Price Index (CPI) for June, European stock markets opened slightly higher.
As of 5:01 PM Korean time on the same day, the UK FTSE index rose 0.64% from the previous day to 7329.14. The German DAX index also increased by 0.54% to 15,876.09 compared to the previous day. The French CAC index similarly rose 0.64% to 7265.96 from the previous day.
The Euro Stoxx 600 index also recorded a 0.46% increase to 453.79.
The market is focusing on the US June CPI to be released that day. According to a Wall Street Journal (WSJ) survey, Wall Street economists expect the June CPI to rise 3.1% year-on-year, a smaller increase compared to the previous month (4.0%). The last time the US CPI inflation rate fell below the 4% mark was in April 2021.
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If the inflation rate slows down, there is speculation that the US Federal Reserve's (Fed) tightening stance may change. This year, four regular Federal Open Market Committee (FOMC) meetings remain: on June 25-26, September, November, and December. At this month's FOMC meeting, it is highly likely that the benchmark interest rate will be raised by 0.25 percentage points, but opinions are divided on what decisions will be made at the September and November FOMC meetings.
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