The CHF is the strongest and the GBP is the weakest as the North American session begins. The inflation data is done for the week with the CPI worse and the PPI about as expected. However, there is a data dump today with 8:30 releases including retail sales, weekly claims, Philly Fed Manufacturing, Empire manufacturing, import and export prices. Later capacity utilization/industrial production and Business inventories will be released (at 9:15 and 10 AM respectively). Looking to tomorrow the Michigan sentiment will be released Next week the Fed will meet with expectation of 75 basis point hike as they move to more restrictive policy in an effort to stamp out inflation.
In other news, geopolitical risk is high as Xi and Putin meet in Kazakhstan. China is supporting Russian oil sales, but so far has not been a weapons supplier to their land advance in Ukraine. China has the same land advance dreams in Taiwan.
The "Merge" was completed for ethereum which is intended to vastly reduce the energy consumption. Ethereum is still down on the day by about -1%.
A rail strike was averted as parties came to a tentative agreement before the Friday deadline. Amtrak was to shut down service today, but it seems that may have been averted (or perhaps will only be a one day aversion).
Stocks are little changed trading above and below unchanged in premarket trading. US yields are higher. Oil is lower
Looking at the market prices:
- spot gold is trading down -$10.78 or -0.64% at $1685.98.
- Spot silver is down -$0.24 or -1.21% at $19.37
- WTI crude oil is trading down $1.21 at $87.27
- the price bitcoin is trading at $20,128 after trading as low as $19,623 yesterday. The low yesterday bounced just ahead of a swing area going back to August 28 through September 4 between $19,526 and $19,586.
In the premarket for US stocks:
- The Dow industrial average is up 5.9 points after yesterdays gain of 30.12 points
- The S&P futures are implying a decline of 7.5 points after yesterdays 13.34 point rise
- The NASDAQ index is implying a decline of -35 points after yesterdays 86.10 point rise
In the European equity markets, the major indices are trading mixed:
- German DAX, -0.1%
- France CAC -0.4%
- UK's FTSE 100 +0.3%
- Spain's Ibex +0.7%
- Italy's FTSE MIB +0.3%
In the US debt market, yields are higher across the board:
in the European debt market, benchmark 10 year yields are also moving to the upside in trading today:
