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Market Overview
Stocks soar after US inflation numbers
Stock indices over the world rose sharply from daily lows on
Wednesday and the US exchanges opened 0.6% higher, while the EU indices rose around
2% from daily lows as sentiment switched quickly from negative to positive.
Moreover, US inflation numbers came out mixed, with the
headline CPI figure rising to 2.5% year-on-year in October, up from 2.3% in
September, while the core gauge unexpectedly worsened marginally to 2.1%.
Traders sold the greenback after these numbers and stocks rose notably.
In addition, the European GDP numbers came in line with
expectations, with the yearly change staying at 1.7% and the quarter-on-quarter
not moving either and remaining at 0.2%.
The EURUSD pair made a false bearish breakdown below the
important 1.13 level and the dip was bought as the euro was surging on
Wednesday and the pair climbed back toward the 1.1350 level, effectively
cancelling the immediate bearish trend.
US yields move higher after today’s inflation data, but they
remain stuck in a narrow range below the current cycle highs, which could be a
bit positive for US stocks.
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