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Securities:

Markets:

  • JPY leads, GBP lags the day
  • European equities down; S&P 500 futures down 0.8%
  • US 10-year yields up 2.1 basis points to 2.991%
  • Gold down 0.1% to $1,812.23
  • WTI crude up 1.7% at $114.30
  • Bitcoin down 1.0% to $29,727

It was mostly a quiet session in headline terms, although we saw UK inflation climb to 9% – its highest level in some 40 years.

This will keep the pressure on the BOE to act more aggressively, but will also squeeze the purse strings of UK consumers as the cost of living crisis is set to deepen in the months ahead.

Risk tones were more cautious and this led to a return to old habits in the markets with the dollar and yen rising, while equities tumbled.

European indices were little changed at first, but are now posting slight losses, with US futures falling after a slower start to the session earlier. Elsewhere, bonds are also on offer with 10-year Treasury yields rising to approach the 3% mark again.

In the forex market, EUR/USD is down 0.3% to test 1.0500 while GBP/USD fell from 1.2500 at the start of the day to hit a low of 1.2370 before to hold near 1.2400 currently.

AUD/USD is also pulled down 0.3% to test the 0.7000 handle on the session while USD/CAD is up 0.2% at around 1.2830-40.

While there was some room for optimism earlier in the week, today’s subtle moves are just a reminder that storm clouds are still hanging over the markets at the moment. .


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