FTX Drama Got Worse | Eyes On The US Inflation Data
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Less aggressive support for the Republicans, and more importantly, looming uncertainty, are the major factors that weighed on investor sentiment yesterday. The S&P500 slid more than 2%, Dow Jones lost 1.95%, while Nasdaq dumped 2.40%. The selloff was also fueled by the shaking crypto markets, and perhaps some investors taking risk off the table before the US inflation data, due today.
Crypto
In cryptos, watching, what used to be the world’s 4th biggest crypto exchange go under the water, triggered panic across the sector, getting investors to question, whether FTX is an isolated case, or this is just the tip of the iceberg, and if and how many of the cryptocurrency exchanges may haves similar insolvency problems, that are only waiting to get revealed.
FX & commodities
In FX & commodities, US dollar rebounded yesterday on the back of a better-than-expected Democrat results, and some repositioning before today’s inflation data, gold held ground above $1700 per ounce, while US crude fell on China Covid news and weekly rise in US oil inventories.
On the geopolitical front, news that Russia announced to pull out troops from Kherson triggered mild, and short-lived gains in equities.
US inflation data
On the data front, investors hold their breath before the US inflation data due today. Headline inflation in the US is expected to have eased from 8.2%, to 8% in October, and core inflation is seen softer at 6.5%, compared to 6.6% printed a month earlier.
PS: in six of the prior seven months, inflation exceeded expectations. So, there is a good chance that it’s the case this time around as well.
Watch the full episode to find out more!
- 0:00 Intro
- 0:30 Menu du jour
- 0:54 Republicans gained field, but less than expected
- 1:46 FTX drama got worse, cryptocurrencies fell
- 5:03 US inflation in focus
- 6:07 Some earnings & company updates
- 7:00 FX and commodities
- 8:26 Russia pulls troops out of Kherson
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.
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