U.S. futures are trending near the flat line on Friday morning, as markets await the release of the U.S. personal consumption expenditure (PCE) price index at 8:30 a.m., EST today. Federal officials consider the PCE as a better mark of inflation and will be closely seeing if there is any drastic increase in the figure.
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Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.02%, 0.09%, and 0.04%, respectively at 5:00 a.m. EST, March 31.
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As per Dow Jones estimates, the core PCE figure, which excludes food and gas costs, is expected to rise by 0.4% in February over the prior month, while the annual figure is pegged to grow by 4.7%. Moreover, personal income data and consumer spending numbers will be released today. Plus, the final March figure of the University of Michigan’s consumer sentiment index is set for 10 a.m., EST, today.
Meanwhile, markets attentively listen to the speeches of Federal officials to see for any new signs of optimism in them. notable speakers today include Governor Lisa Cook and Governor Christopher Waller. Remarkably, U.S. weekly jobless claims report said that the number increased by 7,000 to reach 198,000 giving hopes of a pause in rate hikes soon.
Euro Zone Inflation Shows Signs of Cooling
Elsewhere, most of the European indices are trading in the positive territory on news of the euro zone inflation dropping significantly in March. This was owing to a consistent decline in energy prices in the 20-member bloc nation, while food prices continued to rise. Notably, headline inflation came in at 6.9% as noted by the Eurostat, while it was 8.5% in February. At the same time, core inflation came in at 5.7% in March, increasing slightly over the prior month’s figure of 5.6%.
Central banks around the world are closely watching the month-over-month inflation figures unfold to decide the future trajectory of their respective monetary policies. For most nations, the core inflation figure continues to remain sticky, posing a challenge to the interest rate scenario. Major indices around the globe are set to end the first quarter on a positive note.
Asia-Pacific Markets End in the Green
A majority of Asia-Pacific indices finished the trading session in the green today. Hong Kong’s Hang Seng index, China’s Shanghai Composite, and Shenzhen Component indices ended the day up by 0.45%, 0.36%, and 1.02%, respectively.
Further, Japan’s Nikkei and Topix indices both finished the trading session higher by 0.93% and 1.02%, respectively following Tokyo’s inflation reading for March, which is falling consistently since its peak marked in December 2022.
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