live:Wall Street rallies on inflation optimism, Argentina cuts interest rates to 70pc, ASX to fall

ABC News04-12

Fresh data on producer inflation has renewed hopes that inflation in the US is cooling, sending Wall Street higher after a subdued session, while the Australian share market is set to open lower when ...

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Follow live. ","collect":0,"end_time":0,"defaultTopTitle":"abc.net.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"PPI":"AXS Astoria Inflation Sensitive ETF","BK4570":"地缘局势概念股"},"translate_title":"现场直播：华尔街因通胀乐观情绪反弹，阿根廷降息至70%，ASX股市下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PPI":1},"content_text":"Fresh data on producer inflation has renewed hopes that inflation in the US is cooling, sending Wall Street higher after a subdued session, while the Australian share market is set to open lower when trading begins.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.Key events19m ago19 minutes agoThu 11 Apr 2024 at 9:49pm Argentina cuts interest rates ... to 70 per cent21m ago21 minutes agoThu 11 Apr 2024 at 9:47pm ASX to slip after Wall Street recovers losses, ECB flags rate cutsLog in to commentTo leave a comment on the blog, please log in or sign up for an ABC account.Live updatesLatestOldestPinnedMarket snapshotKBy Kate AinsworthASX 200 futures: -0.3% to 7,820 pointsAustralian dollar: Flat at 65.38 US centsS&P 500: +0.7% to 5,199 pointsNasdaq: +1.7% to 16,442 pointsFTSE: -0.5% to 7,923 pointsEuroStoxx: -0.4% to 504 pointsSpot gold: +1.7% to $US2,373/ounceBrent crude: -0.3% to $US90.23/barrelIron ore: +1.6% to $US108.35/tonneBitcoin: -0.5% to $US70,147Prices current around 7:45am AESTShareCopy linkKey EventArgentina cuts interest rates ... to 70 per centK19m agoThu 11 Apr 2024 at 9:49pmBy Kate AinsworthYes, you read that correctly — Argentina's central bank has cut interest rates overnight by 0.10 percentage points, taking the South American country's cash rate to 70%.It's the third time Argentina's central bank has cut interest rates since libertarian President Javier Milei took office in December, and targeted the country's rampant inflation.How rampant is inflation in Argentina? On an annual basis, it's sitting at 276%, but its March inflation data is due to be released tomorrow, which analysts expect will come in at 12% for the month (although the government is thinking it will be closer to 10%).And if you think that sounds elevated, it's almost half of what it was in December last year, which came in at 25% after President Milei devalued its currency.If you're wondering how Argentina ended up in this situation and what it's like on the ground, the ABC travelled to Buenos Aires last year to find out — you can read the full story below:'They are voting for the executioner': Argentina's man with a plan so radical over 100 economists have trashed itShareCopy linkKey EventASX to slip after Wall Street recovers losses, ECB flags rate cutsK21m agoThu 11 Apr 2024 at 9:47pmBy Kate AinsworthGood morning and welcome to Friday, April 12 — and the ABC's business and markets blog.We're at the tail end of what's been a pretty volatile week, and that was very much the theme overnight where markets were concerned.In the US, Wall Street was having a cautious session on Thursday in response to those consumer inflation numbers out earlier in the week, but managed to recover its losses after the latest Producer Price Index (PPI) data came in softer than expected.PPI is essentially measuring inflation at the factory level, and the modest increases in March has calmed the nerves of markets and rekindled hopes that inflation is continuing to cool (and interest rate cuts back on the agenda).That data then led a turnaround on Wall Street, with the S&P 500 ending 0.7% higher, while the tech-heavy Nasdaq surged to close 1.7% higher. The Dow was essentially unchanged.Across the Atlantic, and the European Central Bank held its latest interest rate meeting and kept rates on hold.In its messaging, the ECB reiterated much of what we've heard from central banks around the globe, which is that interest rate decisions are going to be data dependent.However, the head of the ECB, Christine Lagarde signalled that the bank may cut rates before the US Federal Reserve, saying her institution was \"data dependent, not Fed dependent\".Given Europe inflation is now close to the ECB's target of 2%, markets and economists are now speculating whether they could deliver that first cut at their next meeting.As for where this leaves the Australian share market, futures are suggesting we're in for a lower start this morning — they're down around 0.3%.You know the drill, grab a coffee and let's get this show on the road!LoadingShareCopy link","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426873219"}