Markets Slide Despite Encouraging US Inflation Data

Global stock markets largely declined on Friday following encouraging US inflation data. The numbers showed that wholesale prices in the US increased by 4.7% compared to last year, a better-than-expected reading.

The disinflation ducks are starting to line up, and with oil also backing off, the market has steadily stripped away the case for another near-term Fed hike, according to Stephen Innes of SPI Asset Management.

Despite the positive inflation data, US futures were little changed. The S&P 500 future edged 0.1% higher, while that for the Dow Jones Industrial Average was down 0.1%. Oil prices resumed climbing after slipping 2% a day earlier.