Daily summary: Markets await tomorrow's CPI inflation readings

Stock indices in Europe ended today's session lower, with the DAX losing 1.12% and the CAC40 losing 0.4%.

In the currency market, the euro and the Swiss franc are doing particularly well today. The Australian dollar and the Canadian dollar are currently doing worst.  

Market sentiment today was dominated by expectations for tomorrow's US inflation reading, which will be an important component of the Fed's next decision on a September interest rate hike. 

Inflation in Hungary rose to its highest levels in decades at 13.7% y/y.

The pound was one of the weakest currencies in today's session, after news emerged from British authorities that the worst-case scenario calls for up to 4 days of blackout in January in the face of power and gas outages.

Oil prices behaved mixed today. At first, the information about the cut in exports from Russia to the countries of Central and Southern Europe led to a recovery and a rise in prices above $90.  

Gold reached $1,800 today, despite a strengthening dollar.

The crypto market was dominated by declines in most digital assets today.  Bitcoin slices more than 3.5% and oscillates just below the $23,000 level, while Ethereum loses 4.6% and breaks out below $1,700.

US indices recorded declines, with the NASDAQ (-1.2%) and Russell 2000 (-1.9%) in particular under bearish pressure. Nevertheless, at the moment the major indexes have erased some of their earlier losses. 

Weak sentiment persists in the semiconductor sector.  Shares of Nvidia, Micron or AMD lost more than 5%. Micron and Nvidia warned in their announcements of possible poor results in the near term, leading to a massive pullback on Wall Street. 

Berkshire Hathaway (BRKB.US) increased its stake in Occidental Petroleum (OXY.US).

Novavax (NVAX.US) lowered its earnings forecast and reported a quarterly report below analysts' expectations.