{"id":87158,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/13\/us-inflation-slips-in-may-boosting-hopes-of-more-rate-cuts-this-year-despite-policymakers-signaling-one-rate-cut\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"us-inflation-slips-in-may-boosting-hopes-of-more-rate-cuts-this-year-despite-policymakers-signaling-one-rate-cut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/13\/us-inflation-slips-in-may-boosting-hopes-of-more-rate-cuts-this-year-despite-policymakers-signaling-one-rate-cut\/","title":{"rendered":"US inflation slips in May, boosting hopes of more rate cuts this year despite policymakers signaling one rate cut"},"content":{"rendered":"

A handful of stories are competing for attention on planet finance<\/strong>, including US inflation figures \u2014 and the Fed\u2019s decision to hold rates steady \u2014 and EY\u2019s UK boss\u2019 resignation.<\/p>\n

US consumer prices remained unchanged in May<\/strong>, driven by lower gasoline prices offsetting higher costs for rental housing, according to the US Labor Department<\/a>. This is down from a 0.3% increase in April. <\/p>\n

The positive inflation reading boosted hopes for two rate cuts this year,<\/strong> one in September and another in December, despite policymakers indicating just a single rate cut in December in the Fed\u2019s dot plot, Reuters<\/a> reports. On the bright side, 2025 is expected to see four rate cuts \u2014 amounting to a 100 bps cut. <\/p>\n

The US Federal Reserve kept its benchmark federal funds rate steady<\/strong> at a 5.25% to 5.5% range at yesterday\u2019s meeting. <\/p>\n

ALSO- EY\u2019s UK\u2019s head Hywel Ball handed in his resignation, <\/strong>setting off a leadership race while the Big Four firm navigates a market downturn, the Financial Times<\/a> reports, citing an email it has seen. Ball \u2014 who has helmed EY UK since 2020 and was handed a second tenure extension in January<\/a> \u2014 wrote in the email that it was time to \u201chand the baton\u201d to new leadership, with the internal selection process slated to be kicked off in 2H 2024, EY said in a statement. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are rallying<\/strong> on news of the Fed keeping interest rates unchanged and gains in EV stocks in Hong Kong. Wall Street futures also rose, indicating a continued strong streak for US benchmarks this week. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

11,652<\/p>\n<\/td>\n

\n

-1.1% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,456<\/p>\n<\/td>\n

\n

-1.1% (YTD: -6.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

NomuC<\/strong><\/p>\n<\/td>\n

\n

26,649<\/p>\n<\/td>\n

\n

-0.7% (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates<\/strong><\/p>\n<\/td>\n

\n

6% repo <\/p>\n<\/td>\n

\n

5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

26,133<\/p>\n<\/td>\n

\n

+0.2% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,930<\/p>\n<\/td>\n

\n

-0.8% (YTD: -6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,979<\/p>\n<\/td>\n

\n

-0.7% (YTD: -2.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,421<\/p>\n<\/td>\n

\n

+0.9% (YTD: +13.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,215<\/p>\n<\/td>\n

\n

+0.8% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,034<\/p>\n<\/td>\n

\n

+1.4% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.48<\/p>\n<\/td>\n

\n

+ 0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.05<\/p>\n<\/td>\n

\n

- 2.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,354.8<\/p>\n<\/td>\n

\n

+ 1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 68,208.00<\/p>\n<\/td>\n

\n

+1.5% (YTD: +61.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI fell 1.1% yesterday <\/strong>on turnover of SAR 10.4 bn. The index is down 2.6% YTD.<\/p>\n

In the green:<\/strong> Smasco (+20.7%), Miahona (+10.0%) and Retal (+7.1%).<\/p>\n

In the red: <\/strong>Al Baha (-7.1%), Maharah (-6.0%), EIC (-4.6%).<\/p>\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> fell 0.7% yesterday <\/strong>on turnover of SAR 43.2 mn. The index is up 8.6% YTD.<\/p>\n

In the green:<\/strong> Rawasi (+9.3%), Pan Gulf (+7.8%) and Tam Development (+7.0%).<\/p>\n

In the red:<\/strong> Future Care (-7.5%), Al Waha Reit (-7.4%) and CMCER (-4.7%)<\/p>\n

CORPORATE ACTIONS-<\/p>\n

#1- Nomu-listeed Tam Development approved a SAR 4.1 mn dividend at SAR 1.2 per<\/strong> share for 2023<\/strong>, it said in a filing to the exchange<\/a>. The distribution date is set for 27 June 2024. <\/p>\n

#2- Saudi Advanced Industries Company (SAIC) has cleared a SAR 59 mn dividend at <\/strong>SAR 1 per share<\/strong> for 2023, it said in a disclosure to Tadawul<\/a>.<\/p>\n

#3- Keir International approved a SAR 9 mn dividend for 2030 at SAR 0.075 per <\/strong>share, <\/strong>it said in a filing to Tadawul<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: EY\u2019s UK head steps down<\/p>\n","protected":false},"author":1,"featured_media":87159,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2565],"tags":[10,2853,55,21,296,59,271,264],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam-ksa","tag-ey","tag-financial-markets","tag-inflation","tag-interest-rates","tag-planet-finance","tag-tax","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"73beb1ba-b802-45de-afed-31dd732233d7","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2010.jpg","photo_position":"above","homepage_title":"","full_issue_title":"US 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