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| - US stock markets followed Asia and Europe higher at the open Friday even as data showed a spike in inflation, ahead of an expected big-spending budget announcement from President Joe Biden. The Dow Jones Industrial Average added 0.3 percent in early trades, outpaced by the tech-heavy Nasdaq and lagged by the wider S&P 500. "Economic recoveries continue to overshadow lingering uncertainty regarding the global monetary policy implications of rising inflation pressures," Charles Schwab analysts wrote. Data released earlier Friday had shown US consumer prices added 3.6 percent year-on-year in April. Mounting price growth has in recent weeks sparked fears among some market players that central banks could ease their feet off the stimulus pedal and slow their economies. But the fiscal prong of government stimulus is in full swing in the US, with Biden expected to unveil a $6 trillion spending plan on Friday -- albeit largely made up of already-announced measures. The euro steadied versus the dollar while oil prices climbed on signs of strengthening US crude demand. Across the Atlantic, European stock markets shook off a weak first-quarter GDP reading from France to rise across the board, with both Frankfurt and Paris adding more than 0.8 percent. The French economy's unexpected 0.1-percent contraction was outshone by the European Commission's key eurozone sentiment indicator, which soared to 114.5 in May. That was "markedly" above its pre-pandemic level, according to the data release, and compared with 110.5 in April. "The headline surveys in the eurozone continue to signal barnstorming growth midway through Q2 as the economy gradually reopens, and vaccination continues apace," said Pantheon Macroeconomics analyst Claus Vistesen. Commentators also remained optimistic on the longer-term outlook for France. "We still expect the gradual reopening of the (French) economy to lead to a strong rebound in activity," IHS Markit analyst Diego Iscaro told AFP. "Given the timing of the reopening, it is likely that the rebound will be reflected in the third quarter of the year and will be driven by a surge in private consumption." Biden's $6 trillion budget proposal includes his vast infrastructure deal and spending on families. While the huge outlays are likely to add to inflationary pressures, investors were happier to look past that, opting instead to focus on the economic boost. Federal Reserve officials and Treasury Secretary Janet Yellen argue that any price spikes will be transitory. On Thursday, the Labor Department said 406,000 new seasonally adjusted claims for jobless benefits were made last week, 38,000 down on the week before, much better than predicted and a pandemic low. New York - Dow: UP 0.3 percent at 34,578.14 points London - FTSE 100: UP 0.5 percent at 7,051.02 Paris - CAC 40: UP 0.8 percent at 6,486.64 Frankfurt - DAX 30: UP 0.9 percent at 15,538.69 EURO STOXX 50: UP 0.8 percent at 4,072.66 Tokyo - Nikkei 225: UP 2.1 percent at 29,149.41 (close) Hong Kong - Hang Seng Index: FLAT at 29,124.41 (close) Shanghai - Composite: DOWN 0.2 percent at 3,600.78 (close) Euro/dollar: DOWN at $1.2159 from $1.2195 at 2100 GMT Pound/dollar: DOWN at $1.4162 from $1.4207 Euro/pound: UP at 85.86 pence from 85.84 pence Dollar/yen: UP at 110.00 from 109.81 yen Brent North Sea crude: UP 0.5 percent at $69.81 per barrel West Texas Intermediate: UP 0.8 percent at $67.36 per barrel dan-rfj/tgb/cdw
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