The U.S. markets fell on Thursday, ending the week lower as the “Trump trades” fizzled out. The European Stoxx 600 index, however, climbed 1.08%, breaking a two-day losing streak. Shares of Burberry surged 18.7% after the British luxury company announced a brand overhaul.
Federal Reserve Chair Jerome Powell stated that the central bank does not need to “be in a hurry to lower rates,” as the economy remains strong. This slightly hawkish tone dampened market enthusiasm and lowered traders’ expectations for a December rate cut. The U.S. producer price index rose 0.2% in October, in line with expectations, while wholesale inflation was at 2.4% for the year.
Disney shares jumped 6.2% after the company reported better-than-expected fiscal fourth-quarter results. This was partly due to the profitability and subscriber growth of Disney+, its streaming business. Meanwhile, investor Michael Burry, known for predicting the 2007 subprime mortgage crisis, has significantly increased his stake in three Chinese internet companies, while also hedging against those bets.
