U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher.

U.S. stocks opened moderately higher on Wednesday, boosted by a tamer-than-expected inflation reading and blowout quarterly results from big banks.

Wall Street digested a surprisingly cool wholesale inflation reading and more big bank earnings, with one eye on Trump's latest tariff moves.

Rising prices across an array of goods from coffee to audio equipment to home furnishings pulled inflation higher in June in what economists see as evidence of the Trump administration's increasing import taxes passing through to consumers.

Higher inflation could give the Bank of England pause for thought over cutting interest rates.

The increase was largely fuelled by smaller-than-expected falls in fuel prices, a sharp rise in air fares, and continued growth in food costs.

Progress in bringing down the rate of inflation has halted, at least for now. But even with June’s boost in price growth, economists expect the full effects of higher tariffs to push inflation even higher in the coming months.

UK inflation unexpectedly rose to its highest level since January 2024 as food prices jumped, keeping some pressure on the Bank of England as it looks to continue dialing down interest rates.

American companies in China are reporting record-low new investment plans for this year and declining confidence in profits, while uncertainty in U.S.-China relations and President Donald Trump’s