A heavy day for economic data is congested ahead of the Thursday shutdown of the US market. Durable goods, flash services and manufacturing PMIs, new home sales and University of Michigan consumer sentiment and inflation expectations data is all on the deck. German PMI data this morning showed improvement from October but still indicate contraction in Europe’s largest economy.
FOMC meeting minutes later will be closely watched for signals about where the terminal rate is going to sit. Cleveland Fed president Loretta Mester reiterated that controlling inflation was the number one goal but also that the Fed could slow the pace of hikes. Esther George of the Kansas Fed said they might need to take interest rates higher and hold them there for longer to bring down inflation, given the amount of excess savings in households.
Nat gas up strongly for a third straight day after Russia said it could curtail supplies to Europe. G7 says it will announce price cap level soon. UK Supreme Court to rule on Scottish independence vote...Sterling could be susceptible to a downside kneejerk should the court back the pro-indy side. Covid situation in China still slightly risk-off. IMF warns that China growth risks are to the downside as it sticks with its zero covid strategy.
Mixed start to European trading: London made further headway, with the FTSE 100 coming up just shy of 7,500, whilst shares in Frankfurt and Paris pulled back a touch. Oil and gas + basic resources again doing the lifting sector wise.
The Euro Stoxx 50 index was flat after closing at its highest since April. US shares rallied on Tuesday heading into the Thanksgiving holiday, with the S&P 500 up over 1.3% towards the top of the flag formation at 4,000. With the holiday-curtailed trading week it very much feels like it’s a case of getting the week done and dusted. Even if you’re not a yank, we could all do with a rest.
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