Global stocks slip as U.S. inflation hits 40-year high

‘U.S. price-rise is a story of overheating’

European stock indices fell on Friday and the U.S. 10-year yield held close to 2% after red-hot U.S. inflation led investors to expect tighter monetary policy from the Federal Reserve.

U.S. consumer prices rose 7.5% last month, the biggest annual increase in 40 years, data showed on Thursday. The news fuelled speculation that the Fed will raise rates by 50 basis points in March, rather than 25.

Wall Street stocks fell after the data and the weakness continued through the Asian and European sessions on Friday. Europe’s STOXX 600 was down 0.9%.

“Real inflation is not under control,” said Matteo Cominetta, senior economist at Barings Investment Institute. “It’s a story of overheating, plain and simple,” Mr. Cominetta added.

“You have all these cost-push factors on one side and then you’ve got booming demand hitting this constrained supply — it’s very hard to see how inflation could slow down anytime soon in the U.S.,” he said.

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European Economics Preview: UK GDP Data Due

Quarterly national accounts data from the UK is due on Friday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK GDP, industrial production and foreign trade figures. The economy is forecast to grow 1.1 percent sequentially in the fourth quarter of 2021.

In the meantime, Germany’s final consumer prices and wholesale prices for January are due. Final consumer price inflation is seen at 4.9 percent, unchanged from the flash estimate.

At 2.30 am ET, Swiss Federal Statistical Office publishes consumer price data for January. Inflation is forecast to remain unchanged at 1.5 percent.

At 3.00 am ET, industrial production and consumer price figures are due from Hungary.

At 5.30 am ET, Bank of Russia is set to announce its monetary policy decision. Economists expect the bank to lift its key rate to 9.50 percent from 8.50 percent.

Rahul Bajaj, noted industrialist, passes away

Bajaj was not keeping well for quite some time and his last rites will be held on Sunday.

Rahul Bajaj, one of India’s top industrialists and chairman emeritus of Bajaj Auto Ltd passed away in Pune, a senior official of the automaker confirmed. 

Mr Bajaj 83, passed away at 2 pm. A former Rajya Sabha member, Mr Bajaj was forthright in his views and respected by all. 

Kirloskar Brothers Ltd chairman Sanjay Kirloskar said “He was A great visionary and a forthright and courageous individual who expressed his views fearlessly. And a warm human being.”

Bajaj was not keeping well for quite some time and his last rites will be held on Sunday.

He is survived by two sons, Rajiv Bajaj and Sanjiv Bajaj, and a daughter Sunaina Kejriwal.

He resigned from his position of non-executive director and chairman at Bajaj Auto on April 30 last year.

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Tata Altroz XT Dark edition launched

The Tata Altroz is now available in a new XT Dark edition variant with prices starting from ₹ 7.96 lakh (introductory, ex-showroom, Delhi). The carmaker has also updated the top-spec Dark XZ+ with more features and a new engine option.

Costing about ₹ 46,000 more than the standard XT trim, the XT Dark comes finished in a Cosmo Dark paint and features a number of darkened cosmetic elements such as dark tinted “Hyperstyle” wheels (not alloys) and an all-black interior. The XT Dark packs in some additional kit such as leatherette seats, leather-wrapped steering and gear lever, height adjustable driver’s seat, adjustable rear headrests, and a rear centre armrest over the regular XT.

The new Altroz XT Dark is available with an 86hp, 1.2-litre naturally aspirated petrol unit, the more powerful 110hp, 1.2-litre turbo-petrol engine or a 90hp, 1.5-litre diesel mill — all of which get only a 5-speed manual gearbox.

Moving to the XZ+ Dark, the variant is now available with the 90hp, 1.5-litre diesel engine. The variant was earlier only available with the two petrol engines. The Altroz XZ+ Dark diesel is priced at ₹ 10.00 lakh (ex-showroom, Delhi), which is ₹ 30,000 more than the standard Altroz XZ+ diesel.

Furthermore, the manufacturer has also added certain features to the XZ+ Dark trim. All Altroz XZ+ Dark models will now get additional safety features like a Brake Sway Control and a tyre pressure monitoring system.