Global cues to track ahead of market opening 
US
– S&P 500 closed at record high as investors brushed off the highest inflation since 2008. All three major U.S. stock indexes advanced, with market-leading megacap stocks putting the Nasdaq out front.
– Consumer prices for May accelerated at their fastest pace (up 5%) since the summer of 2008 amid recovery in economy while U.S. weekly initial jobless claims indicated first-time unemployment benefit claims fell 9,000 to 376,000 in the week ended June 5, marking the lowest level of claims since March 2020.
– Benchmark Treasury yields extended declines to the lowest since March (closing down 5 bps at 1.44%) as investors bet that the Fed will maintain its ultra-accommodative policies despite increased consumer prices.
– Dow was up 0.06% at 34,466 while the S&P was 0.47%. Nasdaq was up 0.78%.
Europe
– European stocks inched to fresh highs as the ECB raised its recovery outlook and promised to keep ample stimulus flowing
– ECB raised its 2021 euro zone economic growth projections to 4.6%, above the 4% projected in March. Inflation projections were also raised to 1.9% from its last projection of 1.2%.
– ECB President also indicated increased emergency purchases over the next quarter “at a significantly higher pace” than during the first months of the year” but gave no further detail about the expected levels.
– Interest rate-sensitive banking stocks rose 0.4%, while tech stocks rose 0.9% while travel and leisure stocks dropped 1.2% following recent gains
– DAX ended flat while CAC was down 0.26%. FTSE ended up by 0.10%
Asia
– Asian stocks traded steady after U.S. shares and Treasuries rallied as investors judged that a jump in inflation is likely to be transitory, leaving scope for ongoing central-bank support.
– ASX 200 (Australia) was down 0.22% while Kospi was up 0.50%. Nikkei was flat
Oil
– West Texas Intermediate crude rose 0.3% to $70 a barrel amid news of removal of sanctions on certain Iranian officials by US
Gold
– Gold futures rose 0.3% to $1,901 an ounce
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