Daily Summary: lower PPI support positive sentiments on Wall Street

Today, the markets end on a moderate gains. Wall Street is trading higher, but not significantly. However, the sentiment after the recent 9% increase is still positive.

The dollar index gains 0.30%, but compared to the recent drops, it is a small upward movement.

One of the weaker currencies today is the euro and the Japanese yen. USDJPY gains 0.60% to 151.350, and the rate is approaching the local peak again.

U.S. Retail Sales for October:

• Retail Sales m/m: Currently: -0.1% m/m. Expected: -0.3% vs 0.7% previously

• Core Sales: Currently: 0.1% m/m. Expected: -0.2% vs 0.6% previously

U.S. PPI Inflation for October:

• PPI: Currently: 1.3% y/y. Expected: 1.9% vs 2.2% previously (Currently: -0.5% m/m. Expected: 0.1% m/m vs 0.5% previously)

• Core PPI (USA): Currently: 2.4% y/y. Expected: 2.7% vs 2.7% previously (Currently: 0% m/m. Expected: 0.3% m/m vs 0.3% previously)

October inflation data from the UK came out slightly below expectations. The main inflation rate was 4.6% y/y compared to the expected 4.7% y/y and 6.7% previously (m/m 0% compared to the expected 0.1% m/m and 0.5% previously). Meanwhile, core inflation is 5.7% vs 5.8% expected and 6.1% previously.

The British pound sterling weakened after the inflation reading came out slightly lower than expected.

The EIA report showed an increase in weekly oil inventories.

• Inventory increase of 3.6 million barrels with an expectation of 2 million and a previous increase of 0.774 million barrels

• Gasoline inventories, on the other hand, fall by 1.5 mb, with an expected increase of 1.5 mb and a previous increase of 0.065 mb

• Distillate inventories fall by 1.4 mb, a decrease of 1.1 mb was expected, and previously inventories fell by 0.8 mb.

• In the energy commodities market, we observe declines. WTI oil loses over 2.0%, and the price per barrel falls to $76.50.

In the precious metals market, we mainly observe increases. Although gold is traded flat, silver gains over 1.40%, and the leader of the increases is palladium, which gains 2.80% today.

Cryptocurrencies rebound in the second part of the day. Bitcoin is again the leader among gaining cryptocurrencies, being almost 6.50% up $37,700. Ethereum gains 3.10% to $2,040, and significant increases are also observed in smaller Altcoins.