European and Asian stock markets rose Thursday as traders awaited more US inflation data and the European Central Bank’s latest decision on interest rates.

The dollar gained versus the euro and other main rivals.

An update on the US consumer price index is due Thursday, one day after official figures showed producer prices falling in the world’s biggest economy.

Together with recent weak US jobs numbers, analysts expect the Federal Reserve to cut interest rates before the end of the year.

Thursday’s data should provide further clues over to how much the Fed intends to reduce borrowing costs at its September meeting.

“A softer-than-expected set of numbers could fuel bets of a jumbo Fed cut next week to support a weakening jobs market,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

Ahead of the US inflation report, the European Central Bank is expected to hold its key interest rate steady at two per cent for its second straight meeting, with eurozone inflation under control and trade tensions having eased.

Wall Street’s S&P 500 hit a fresh record high on Wednesday thanks to a surge in the share price of Oracle.

The software giant projected huge revenue growth as it prospers from an investment boom in artificial intelligence.

In Asia, the Tokyo stock market hit a record high, helped by a 10-per-cent surge in the share price of tech investment titan SoftBank.

Oil prices fell on Thursday as an ample supply of crude helped to offset this week’s escalation of tensions in the Middle East and over the Russia-Ukraine war.

The International Energy Agency on Thursday said global oil supply hit a record high in August as OPEC+ and other countries ramped up production, with a looming surplus keeping prices in check.

– Key figures at around –

London – FTSE 100: UP 0.5 per cent at 9,274.16 points

Paris – CAC 40: UP 0.8 per cent at 7,825.89

Frankfurt – DAX: UP 0.2 per cent at 23,674.47

Tokyo – Nikkei 225: UP 1.2 per cent at 44,372.50 (close)

Hong Kong – Hang Seng Index: DOWN 0.4 per cent at 26,086.32 (close)

Shanghai – Composite: UP 1.7 per cent at 3,875.31 (close)

New York – Dow: DOWN 0.5 per cent at 45,490.92 (close)

Euro/dollar: DOWN at $1.1681 from $1.1696 on Wednesday

Pound/dollar: DOWN at $1.3504 from $1.3528

Dollar/yen: UP at 147.96 from 147.40 yen

Euro/pound: UP at 86.47 pence from 86.46 pence

Brent North Sea Crude: DOWN 0.7 per cent at $67.02 per barrel

West Texas Intermediate: DOWN 0.8 per cent at $63.14 per barrel

AFP