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Wall Street indices launched today's trading higher as lower-than-expected US CPI print for April boosted hopes that Fed won't raise rates further
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US CPI inflation slowed from 5.0 to 4.9% YoY in April (exp. 4.9% YoY) while core gauge slowed from 5.6 to 5.5% YoY (exp. 5.5% YoY)
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Market odds for a FOMC June rate hike dropped to 0% after CPI data for April
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However, post-CPI gains on Wall Street were quickly erased and now major US indices are trading 0.3-0.8% lower. Nasdaq bucks the trend and gains 0.2%
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European stock market indices finished today's trading slightly lower. German DAX dropped 0.37%, UK FTSE 100 moved 0.29% lower and French CAC40 declined 0.49%.
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CNBC reported that US Department of Justice is looking into short selling in regional banking shares during recent turmoil in the sector
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ECB President Lagarde said that central bank still has more ground to cover
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ECB Nagel said that there is still a lot of work to do on core inflation and that ECB could have gone for a bigger rate hike last week
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ECB Centeno said that he expects policy to remain tight for some time and that rate cuts could begin at some point during 2024
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Bloomberg reported that some ECB members begin to think that a rate hike in September may be needed as well
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SNB Chairman Jordan said that Swiss monetary policy is not yet restrictive enough and inflation remains above price stability range
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Official US report showed an unexpected 2.95 million barrel build in oil inventories (exp. -1.6 mb). Distillate inventories dropped 4.17 million barrels (exp. -0.8 mb) while gasoline inventories were 3.17 million barrels lower (exp. +1.2 mb)
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Final German CPI data for April came in at 7.2% YoY, matching flash release
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Major cryptocurrencies were trading lower today with Bitcoin being 0.9% down, Ethereum trading 1% lower and Ripple dropping 0.9%
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NZD and JPY are the best performing major currencies while CAD and AUD lag the most
GOLD surged after US CPI data release but was also quick to erase those gains later on (orange circle). Decline have been halted however and now we are observing buyer's attempt to push precious metal's price back above $2,032 price zone. Source: xStation5
