Asian shares crept higher on Monday as Chinese economic data surprised on the high side, challenging assumptions the giant economy was locked into in a downturn although falling mainland house prices remained a nagging worry.
S&P 500 futures firmed 0.1%, while Nasdaq futures added 0.2%. EUROSTOXX 50 futures and FTSE futures were both were off 0.1%.
Analysts at BofA noted 75% of U.S. companies had beaten earnings estimates in the latest reporting season but forecasts for the fourth quarter were only flat, breaking more than a year of rising expectations. "If inflation stays high and comes in above the planned overshoot, the Fed will need to become much more hawkish and either accept a market correction or deliberately induce such a correction," warns Harris.
Inflation concerns kept gold in demand at $1,857 an ounce , after notching its biggest weekly gain since May.
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