US consumer prices rise to 12-year high
At 12:30 GMT, the US economy released its reading of the consumer price index for April at 0.8%, the best pace since 2009, higher than forecasts of 0.2%, and higher than the previous reading of 0.6%.
The consumer price index core reading (excluding food and fuel prices) was at 0.9%, higher than forecasts and the previous reading of 0.3%. This data is positive for the US dollar.
US crude inventories fall less than expected - EIA
The US Energy Information Administration reported today that crude inventories fell 400K barrels to 484.7 million during the past week, while analysts forecast a drop by 4.1 million barrels.
Gasoline stocks rose 400K barrels to 236.2 million barrels, and distillate stocks fell 1.7 million to 134.4 million barrels.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 2.5 million barrels during the same period.
Nickel falls on rising dollar
Nickel prices fell on Wednesday, as the US dollar rose against its peers, despite expectations of a shortage in the global supply of several industrial metals.
Nickel was lifted recently expectations of a shortage in the global supply during 2021, in tandem with improved demand as economies gradually recover from the coronavirus pandemic impact.
The metal is widely used in the steel industry and was picked by electric vehicle companies thanks to its potential in the manufacture of batteries.
Most international financial institutions forecast that the global economy will grow by 6% this year.
The dollar index fell against a basket of major currencies by 0.3% to 90.4 points as of 13:54 GMT, after hitting a high of 90.6 points and a low of 90.1 points.
As of 13:55 GMT, nickel spot future contracts fell 1.8% to $17,749.7 per tonne.
US stocks fall in early trading after inflation data
US stock indices opened lower on Wednesday, after the release of inflation data, which has contributed in lifting the US Treasury bond yields.
President of the Federal Reserve Bank of St. Louis James Bullard projected yesterday that the US inflation rate will rise above the Fed's target of 2% during 2022.
The US Treasury yields rose above 1.671% today, which weighs down on US stocks.
Data showed that the US consumer price index rose 0.8% in April, beating forecasts of a rise by 0.2%, and the core reading for the same index (excluding energy and food prices) rose by 0.9% in April, higher than forecasts of 0.3%.
As for stocks, Dow Jones fell 0.5% or 187 points to 34,081as of 14:10 GMT, Nasdaq fell 1.3% or 170 points to 13,220, and S&P 500 fell 0.7% or 30 points to 4,121.