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Stock markets pare gains on Friday
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Commodities rally, oil prices up by 2%
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US PPI inflation for August slightly ahead of estimates
Friday’s session started on a positive note in European countries, but major indices eventually erased most gains by the end of the day. The British FTSE 100 (UK100) was the exception and finished the day slightly higher. US indices were initially gaining as well, but are already trading flat as of writing this text.
Today’s calendar was pretty interesting with some notable events. US PPI print for August is surely worth to mention - figures came in slightly above forecasts (8.3% YoY vs exp. 8.2% YoY). It seems that inflationary pressures do not ease, which is a major insight into next week’s CPI print. Also, Canada released mixed labour market report for August. Even though unemployment rate fell significantly, employment rose less than expected.
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Open real account TRY DEMO Download mobile app Download mobile appCommodity markets are mostly on the rise today. Oil prices are supported by supply issues, thus oil is advancing around 2%. Aluminium and copper gained roughly 3%, indicating hopes for economic recovery. However, this is likely to affect price pressures even further. Gold remains near $1,800 an ounce and there is still no clear direction for the precious metal (situation may change after US CPI release on Tuesday). Cryptocurrencies fall on Friday evening European time. As it is usually the case, Monday will be a soft day in terms of economic releases. However, it is expected that OPEC will revise down its 2022 oil demand growth forecast so the OPEC monthly report is certainly worth to watch.
Copper prices made an impressive jump today and broke above the downward trend line. The price climbed to highest levels since early-August for a brief moment. Previous local peak from late-July near $9,800 may be the next obstacle for market bulls. Source: xStation5
