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Date: Wednesday 14 May 2008

LONDON (ShareCast) - Better than expected inflation figures gave US equities a lift, with sentiment further boosted by sharply reduced losses as mortgage clearing house Freddie Mac.

The Labor Department said Consumer Price Index (CPI) rose 0.2% in April after rising 0.3% the previous month. Expectations were of a 0.3% increase.

Stripping out food and energy costs, the core CPI rose 0.1% versus predictions of a 0.2% increase. The decline in prices comes despite the largest jump in food prices in 18 years.

Across the markets, the Dow Jones 30 is up 119 at 12,951 and the S&P 500 is 12 points better at 1,415. The NASDAQ Composite is 25 points higher at 2,521.

In company news, US home funding firm Freddie Mac posted a widening of first quarter losses to $151m as the housing market deteriorated, though the results were better than expected. It also said that it plans to raise $5.5bn. The shares advanced strongly on the news, dragging fellow mortgage buyer Fannie Mae along for the ride.

Department store operator Macy's posted a loss of $59m in the first quarter due to poorer sales and increased costs but it was still better than Wall Street’s expectations.

Radio broadcaster Clear Channel said late Tuesday that it has agreed to a lower buyout offer from private equity firms.

Investors turned sour on Whole Foods Market after the natural foods grocer reported a slowdown in sales growth and lower than expected second quarter profits.

Farm machinery manufacturer Deere stumbled after downgrading revenue guidance for its third quarter. Deere said Q3 revenue may top out at $575m, versus a median forecast of $654.6m among analysts covering the company.

• News Channel