Globally, Oil prices were muted on Thursday, but stuck to a near two-week high amid increased expectations that U.S. consumer inflation data will ease further and herald smaller interest rate hikes in the coming months.Brent oil futures fell 0.1% to $82.82 a barrel, while West Texas Intermediate crude futures rose 0.2% to $77.55 a barrel.Both contracts rallied over 5% so far this week. Chinese inflation perked up slightly in December, ducking expectations for a monthly decline as the lifting of strict anti-COVID restrictions appeared to be having the intended effect of supporting economic activity, albeit slightly. On an annual basis, CPI inflation was in line with expectations for a rise of 1.8%, and was a shade higher than November’s reading of 1.6%. Asian stock markets mostly pushed higher on Thursday, ahead of U.S. consumer price data that investors hope will confirm inflation is in retreat, while the yen rose with a report Japan will next week review the side-effects of its ultra-easy policy.The Japanese yen jumped nearly 0.7% to 131.58 per dollar in early Asia trade,the dollar stood cautiously.U.S. stocks ended up sharply on Wednesday, with the S&P 500 and Nasdaq gaining more than 1% each.Gold prices hovered around an eight-month high on Thursday,Spot gold was steady around $1,876.41 an ounce. Rupee extend the gains, the most in last two months on the back of lower dollar index, absence of intervention by RBI and technical sell-off.
With Inputs from Reuters
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