World stocks retreat as inflation augurs Fed rate hikes
By ELAINE KURTENBACH
AP Business Writer
BANGKOK (AP) — Shares are mostly lower in Europe and Asia after the latest report of surging prices in the U.S. appeared to keep the Federal Reserve on track to raise interest rates in coming months. London, Paris, Tokyo and Shanghai were lower while Sydney and Hong Kong advanced. U.S. futures declined. On Wednesday, the S&P 500 rose 0.3%, the Dow Jones Industrial Average rose 0.1% and the Nasdaq rose 0.2%. Inflation jumped 7% last month, its fastest year-over-year pace in nearly four decades, but in line with forecasts. Fed Chair Jerome Powell has said the Fed stands ready to raise rates to fight inflation. The yield on the 10-year Treasury note rose to 1.75%.