India’s November retail inflation jumps to 40-month high

Saudi and Foreign investors stand in front of the logo of Saudi state oil giant Aramco during the 10th Global Competitiveness Forum

A separate Labor Department report released Wednesday showed USA inflation-adjusted wages were unchanged in November, as consumer prices outpaced average hourly earnings.

The consumer price index rose 0.3 percent last month as households paid more for gasoline and electricity, and food prices elevated for a 3rd consecutive month - the CPI superior 0.4% in October. Economists polled by MarketWatch had forecast a 0.2% advance. The fuel and light segment saw a contraction of 1.93% in prices in November, compared with a contraction of 2.02% in October.

"Muted gains in clothing and drug prices, and a decline in new vehicle prices, meant that overall core goods prices were flat on the month".

Excluding the volatile food and energy components, the CPI rose by 0.2%, matching October's increase. Over the a year ago, the overall CPI is up 2.1 percent, while the core index is up 2.3 percent.

Saudi Aramco's market value on Thursday briefly hit the $2 trillion valuation target sought by the Crown Prince as the energy giant's share price surged again on its second day of trading.

The result would be that Aramco would account for roughly 0.5% of the weighting of the MSCI Emerging Markets Index, leaving it as the index's 25th largest holding as of November 30.

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"We were expecting this IPO to be a blockbuster, and the performance in the past two days shows that was the case", said Vijay Valecha, chief investment officer at Century Financial Consultancy LLC in Dubai, who has high-net-worth individuals from the Gulf among his clients.

Yields on US Treasury securities fell in afternoon trading, with the 10-year note last yielding 1.79 percent. For pulses and related products, retail inflation rose to 13.94 percent.

With a stock offering this significant, there is a knock-on effect for open-end index funds and exchange-traded funds, which will need to buy shares as it is included in underlying benchmarks.

The apex bank in the monetary policy statement predicted the CPI-based inflation to rise in the coming quarters.

Those healthcare and portfolio management costs feed into the core PCE price index. Even with the CPI perking up, the outlook for inflation remains benign. Used vehicle prices rose 0.6 percent in the month but are down 0.4 percent over the a year ago. It may well have been that optimism after President Trump announced a phase 1 deal with China back in October gave a lift to recent sentiment and activity data.

A 0.3 percent increase in prices for shelter contributed to the growth along with higher prices for medical care, recreation, used cars and trucks and apparel.

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