One story is driving the conversation in the global business press this morning: US stocks are at an all-time high. Wall Street’s benchmark indexes — the S&P 500, Nasdaq, and Dow — all hit record highs last night as traders cheered data showing US consumer prices rising at a slower rate in April.

The numbers: US inflation cooled to 3.4% in April, coming in below analyst expectations and 0.1 percentage points below the 3.5% recorded in March, according to Bureau of Labor Statistics figures released yesterday.

Traders react: The figure reignited trader optimism that the Federal Reserve could start cutting interest rates this year. Fed chair Jay Powell has said time and time again that the central bank will not cut rates before it ensures that the country is on a sustainable path to 2% inflation — its core target. “The news on core inflation was better than expected. Retail sales also showed some deceleration from the previously hot consumer sector. Taken together, this supports a Fed rate-cut in the fall,” one analyst told CNBC.

Where the markets settled: The S&P 500was up 1.2%, hitting a record 5,308. Dow Jones was up 0.9% and the tech-heavy Nasdaq jumped 1.4%.

Stocks rise, treasuries fall. Yields on two-year US treasuries fell to their lowest level since early April.

MARKETS THIS MORNING-

Major Asian benchmarks are all comfortably in the green this morning, following Wall Street’s lead. Futures suggest both European and US markets are on track to open in positive territory at the opening bell today.

ADX

9,021

-0.4% (YTD: -5.8%)

DFM

4,093

-1.1% (YTD: +0.8%)

Nasdaq Dubai UAE20

3,513

-0.9% (YTD: -8.6%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.9% o/n

5.5% 1 yr

TASI

12,103

-0.2% (YTD: +1.1%)

EGX30

25,316

-0.1% (YTD: +1.7%)

S&P 500

5,308

+1.2% (YTD: +11.3%)

FTSE 100

8,446

+0.2% (YTD: +9.2%)

Euro Stoxx 50

5,101

+0.4% (YTD: +12.8%)

Brent crude

USD 82.94

+0.7%

Natural gas (Nymex)

USD 2.42

+3.1%

Gold

USD 2,395

+1.5%

BTC

USD 65,831

+6.9% (YTD: +55.7%)

THE CLOSING BELL-

The DFM fell 1.1% yesterday on turnover of AED 375.9 mn. The index is up 0.8% YTD.

In the green: National Industries Group Holding (+15.0%), Al Salam Bank (+2.0%) and Commercial Bank of Dubai (+2.0%).

In the red: National General Ins. Company (-10.0%), National International Holding Company (-10.0%) and Al Ramz Corporation Investment and Development (-9.1%).

Over on the ADX, the index is down 0.4% on turnover of AED 1.1 bn. Meanwhile Nasdaq Dubai closed down 0.9%.

CORPORATE ACTIONS-

AD Ports has tapped Al Ramz Capital as a liquidity provider for its listed shares on the ADX, the company stated in an ADX disclosure (pdf).

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