Saudi Aramco shares up sharply on market debut

Chart of FOMC Interest Rate Cut Probabilities and US Dollar Outlook

The gain, which follows a 10% surge on Wednesday, reflects the kingdom's efforts to engineer a successful start to trading after worldwide investors balked at the price.

The US Federal Reserve has chose to keep its key interest rate unchanged, giving a fairly upbeat view on the economy.

Higher energy prices last month saw the cost of living in the USA accelerate last month to a one-year high.

According to data published by the statistics office on Thursday, consumer inflation rose 5.54 percent in November due to more expensive foods, compared with 4.62 percent in October. "We expect inflation to remain elevated for the next 2-3 months on 1) higher food prices, 2) unfavourable base effects and 3) increased telecom tariffs effective from December which will add to the upside in core inflation", said ANZ.

Food prices, which is a gauge to measure changes in kitchen budgets, grew 10.01 percent in November, against 7.89 percent in October.

Big picture: The pace of consumer inflation slowed earlier this year after touching a six-year peak of 2.9% in mid-2018, giving the Federal Reserve the leeway to cut interest rates to shore up the economy amid a tense trade dispute with China.

Saudi Aramco shares surged the maximum permitted 10 per cent above their initial public offering (IPO) price on their Riyadh stock market debut on Wednesday, closing in on the $2 trillion U.S. valuation long sought by Saudi Crown Prince Mohammed bin Salman.

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Domestic passenger vehicle sales fell in November for the 13th consecutive month with no sign of an immediate recovery. The PPI gained 1.1% in the 12 months through November, matching October's rise, which was the smallest increase since October 2016.

"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. Core goods prices were unchanged last month, despite USA tariffs on merchandise imported from China. They've risen a modest 1.1% in the past year.

Those healthcare and portfolio management costs feed into the core PCE price index.

There is still no sign that USA tariffs on Chinese imports are boosting inflation.

"The prevailing message out of today's meeting is that the Fed remains on hold, barring any material upside surprises for inflation", Pride said.

Apparel prices nudged up 0.1% last month after declining 1.8% in October.

Over the past year, the price of medical care is up 5.1% and housings costs are up 3.3%.

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