Market Summary
Markets Await Key US Inflation Report: Stocks advanced and the dollar edged lower ahead of today’s US CPI report, which will provide further insight into the Fed’s rate outlook following recent swings in market pricing. New York Fed President John Williams said yesterday that inflation could slow and return to target next year, suggesting that another rate increase this year may be the last of the tightening cycle. Markets remain more hawkish and will look to today’s report for support for expectations of two further hikes in 2027.
Oil Rises as Hormuz Tensions Escalate: Brent crude rose 0.6% to $106.20 a barrel as renewed attacks in the Strait of Hormuz cast doubt on the recent recovery in Gulf energy supplies. Tensions remain elevated following Houthi missile strikes on Saudi Arabian infrastructure earlier this week, while G7 economies prepare to release emergency oil reserves in an effort to contain rising prices.
ASML Warning Weighs on Technology Stocks: Nasdaq 100 futures and European equities pared earlier gains after ASML warned that it does not expect to meet demand over the next two years, despite reporting record third-quarter earnings. Meanwhile, the CSI 300 Index fell 0.3% amid growing scepticism about the effectiveness of the Chinese government’s measures to support the economy and restore investor confidence.
Economic Calendar
- US CPI
Key Market Moves Today
- S&P 500 Futures: +0.17% (7,869)
- Crude Oil: +0.20% ($94.33)
- Spot Gold: -0.27% ($4,149)
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