U.S. market indexes turned lower after rising for eight consecutive sessions in a row, the longest winning streak in 2024. Gold traded at a new record high amid rising expectations that major central banks in the U.S. and Europe are ready to pursue less-restrictive monetary policy. China held its two key lending rates steady.
U.S. consumer price inflation dropped to a three-year low, but prices are still rising faster than the Fed's inflation target rate of 2%, despite multiple interest rate hikes over 2022 and 2023. European industrial output dropped sharply in June. China's new loans plunged amid shifting economic growth drivers. The Japanese yen struggles to find stable ground.