World shares mostly higher after US inflation up 5% in May

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Shares were mostly higher in Europe and Asia on Friday after the S&P 500 index notched another record high despite a surge in U.S. consumer prices in May...
BANGKOK (AP) — .

Benchmarks rose in Paris, Frankfurt and Hong Kong but fell in Tokyo and Shanghai.

On Thursday, Wall Street logged gains while bond yields mostly fell despite the much-anticipated report showing consumer prices rose 5% in May, the biggest year-over-year increase since 2008 and more than economists had expected.

Investors also reacted positively to more data that showed continued improvement in the labor market.

Markets will be tuning in this weekend for any developments at the summit of the Group of Seven in Britain. At the top of the leaders' agenda is helping countries recover from the coronavirus pandemic, which has killed more than 3.7 million people and wrecked economies.

The G-7 leaders are meeting for three days at a British seaside resort. It's the first such gathering since before the pandemic.

Investors will get to see next week how the Fed is reading the latest inflation barometer and what monetary policy changes, if any, the central bank may consider. The Fed's policymaking committee is due to deliver its latest economic and interest rate policy update next Wednesday.

Germany's…
ELAINE KURTENBACH
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