INSIGHTS
Risk-off mood after inflationary data in US and EU
A risk aversion sentiment dominates the global financial markets on Thursday as investors believe that a run of strong economic indicators in the U.S. and EU could smash hopes inflation will rapidly fall to near the Fed and ECB’s 2% target, keeping their hawkish stance for longer.
Chinese stocks rally on improved PMI manufacturing activity
Chinese stocks led the gains this morning following the faster-than-expected growth in China’s manufacturing activity, as the recovery of the second largest economy in the world gained momentum after it scaled back its strict zero-COVID policy a few weeks ago.
Sterling strengthens after U.K. signed a new post-Brexit trade deal with EU
The Pound Sterling rebounds to nearly $1,2080 on Tuesday morning following the new trade deal between the U.K. and the European Union, which will likely remove some trade frictions between the two parties after Brexit.
EUR/USD falls below $1,06 on a stronger dollar and hawkish Fed
The common currency extended recent losses by falling below the $1,06 key support level this morning, for the first time since the early days of the year, giving up some significant gains of the latest rally, as the prospect of higher interest rate hikes from the Federal Reserve is favoring the dollar against the euro.
U.S. stocks tumble 2% ahead of latest Fed minutes
U.S. stock indices dropped over 2% on Tuesday, having their worst day of the year so far amid growing worries the Federal Reserve will keep interest rates higher for longer than previously thought, while investors await the minutes from the U.S. Federal Reserve’s latest monetary policy meeting later today.
Copper extends gains to $4,20/lb on supply disruptions and China’s reopening
The industrial metal has been in an upward momentum in recent weeks, outpacing metal markets amid supply disruptions in Panama coupled with optimism over a potential recovery in major importer China despite the ongoing concerns over the global economic outlook and surging interest rates.
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