Producers of metals and other raw materials rose as the U.S. dollar lost ground against other currencies in the wake of weak April wholesale inflation data.
Reading between the lines, the recent wholesale and consumer-price inflation data are consistent with the Federal Reserve's preferred inflation gauge -- the personal consumption expenditure index -- in line with March levels on an annual basis, said economists at brokerage Bank of America Global Research.
"We do not think this report will weigh on the near-term outlook for Fed policy," said the Bank of America economists, in a note to clients.
U.K.-Australian miner Rio Tinto will invest $1.2 billion to modernize a hydroelectric power plant in Quebec in a bid to secure future aluminum production in the Canadian province.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-15-25 1742ET
