Stock rally losing puff as economic growth doubts grow By Reuters - Investing.com

LONDON (Reuters) - A rebound in stocks ran out of steam on Wednesday as concerns about the economic growth outlook and rising inflation knocked sentiment, while a UK inflation reading of 9% underlined just how much higher interest rates might be headed.

In currency markets, sterling was the big loser, shedding 0.9% to $1.2387 after UK consumer price inflation hit 9% in April, a 40-year high and roughly in line with analysts' expectations.

British inflation is now the highest among major economies but prices are rising rapidly across the world, forcing central banks to launch a series of rate hikes even in the face of slowing economic growth momentum.

Canada's April inflation reading is also due later on Wednesday.

dollar rose 0.3% to 103.61, heading back towards its two-decade high reached last week, while the euro fell by a similar amount to $1.0515.

However, any good news was offset by the reminder from Federal Reserve Chair Jerome Powell that controlling inflation would demand rate rises and possibly some pain.

Treasury yields were steady on Wednesday and below recent multi-year highs, but the German 2-year government bond yield rose to its highest since December 2011 after more hawkish central banker comments.

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