Pacific Edge jumps almost 6%; US CPI data says inflation is slowing

Earnings season in the United States was also just around the corner, which will help inject some much-needed flavour into the current corporate news climate. US banks were the big focus but Delta Air Lines was also reporting as well as UnitedHealth – the largest health insurance company in the US.

The S&P/NZX 50 index rose 89.6 points, or 0.77%, to 11,754.44. Turnover was $98.3 million.

Devon Funds head of retail Greg Smith said international stock markets edged up after the US consumer price index (CPI) data came out overnight, with the CPI data showing that inflation was continuing to track lower.

Inflation fell by 0.1% from the month earlier but Smith said, on an annualised basis, headline inflation was sitting at 6.5% – the lowest level in over a year.