Producers of metals and other raw materials rose after a dovish inflation report weighed on the U.S. dollar.
The dollar slipped to the lowest level against a basket of other currencies in five months as traders bet the Federal Reserve would downgrade its rate increases in response to the sixth straight decline in consumer price inflation in December.
Fed funds futures markets are pricing in a rate hike of 25 basis points on Feb. 1 after four increases of 75 basis points and one of 50 basis points in recent meetings.
China effectively ended a ban on Australian coal that has been a centerpiece of a diplomatic dispute lasting more than two years, in the latest indication that Beijing is taking a less confrontational approach in its foreign policy as the economy struggles.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-12-23 1732ET
