Stock markets in Europe closed higher today following a difficult week, as the drop in UK, German and French bond yields supported equities.
Traders are in risk-on mood once again as stocks, metals and oil are rallying. Tomorrow, the US CPI data will be posted, and economists are expecting a reading of 8.1%, which would be a fall from the 8.5% posted in July.
Last week, EUR/USD printed a new 20-year low, largely down to a sharp rally in the US dollar.
Traders are in risk-on mood even though yesterday there was a rate hike from the ECB and hawkish commentary from Jerome Powell.
Equity markets saw a lot of volatility today as the latest trade data from China added to worries about the health of the global economy.
Worries about rising interest rates and inflationary pressures are hitting stocks.
Equity markets are experiencing low volatility today as traders look ahead to the Federal Reserve’s meeting on Wednesday, interest rate futures are factoring in a high probability of a 75-basis points hike.
The European Central Bank caught some by surprise as it lifted interest rates by 0.5% as the bank previously hinted about a 0.25% lift.
Stock markets are enjoying a rally as traders have shrugged off concerns there might be an energy shortage in Europe.
The jump in the US inflation rate triggered major volatility in the markets as traders now feel the Federal Reserve will be even more hawkish than previously expected.
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