Strong China Data Boosts Energy, Eurozone Core CPI Hit A Record
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The Eurozone’s flash CPI estimate looked as ugly as it smelled beforehand. Inflation in the Eurozone is estimated to have barely eased to 8.5% from 8.6% printed a month earlier, while core inflation advanced to a record of 5.6%, from 5.3% printed previously.
CPI
The latest CPI update confirmed the European Central Bank (ECB) hawks’ aggressive positioning for further rate hikes and pushed the European yields further up yesterday, but despite higher yields across the board, the Stoxx 600 closed Thursday’s session 0.50% higher.
Jobs data
Across the Atlantic Ocean, fresh jobs data came to fan the inflation worries yesterday in the US.
US Yields
US yields advanced but the S&P500 could avoid a further selloff, though it briefly stepped below the most-watched 200-DMA.
EU and US stock markets
But for both the European and US stock markets, the rising yields call for downside correction.
Watch the full episode to find out more!
- 0:00 Intro
- 0:32 Higher Eurozone inflation boosts EZ yields
- 2:24 … but Stoxx resist
- 5:01 Latest US jobs data points at heated inflation, as well
- 6:38 … S&P500 also resists to rising yields
- 8:36 USD upbeat, dollar-yen clears key resistance
- 8:58 Strong China data boosts energy, but…
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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