COVID Seems To Be Present In Europe As Well. What Will Putin Do About Nord Stream 1? Companies Are Buying Gas.
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Market mood is sourish, appetite is limited. Major US indices fell for a second session on Tuesday, as recession talks, rising Covid cases in the US and Europe, and prospects of renewed lockdown measures in China add a renewed pressure on market sentiment. Even OPEC’s warnings that demand will exceed supply by 1 million barrels per day next year couldn’t prevent crude oil from falling back to $95 per barrel.
US CPI Is Released Today
The US CPI is expected to advance to 8.8% in June, from 8.6% printed a month earlier. The softening food, energy and commodity prices, the improved supply chains, the easing shipping costs and lower purchasing manager indices hint that US inflation may have hit a peak last month, or will hit one soon. But when, is the million-dollar question. A further rise in the US consumer prices will certainly revive the Fed hawks today, push the US dollar higher and equities lower. A softer-than-expected figure, on the other hand, could revive hope that the US economy could experience a soft landing and result in a much-awaited pause in the dollar rally, and a rebound in equities before big US banks start releasing their quarterly results on Thursday. In both cases, the market volatility will likely remain high, and the visibility likely remain low especially when you add the lower summer trading volumes into that mix.
Watch the full episode to find out more!
- 0:00 Intro
- 0:25 Rising Covid cases increase risk of renewed China lockdown
- 2:10 Nat gas futures rise on Nordstream 1 speculation
- 3:47 EURUSD flirts with parity
- 5:09 US inflation in focus
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020. #Covid #inflation #USD #EUR #China #lockdown #crude #oil #natural #gas #Nordstream1 #SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news #Swissquote #MarketTalk #marketanalysis #marketcommentary
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