Daily Digest: Thursday 10th October
Europe
European markets lacked any real direction through Thursday’s session, morning trading was quiet as traders awaited US CPI data, before the major indexes moved to recover earlier losses into the close. The FTSE 100 (FTSE) fell 6.01 points (0.073%) to 8,237,73, while the Pan-European STOXX 600 (STOXX) fell 0.94 points (0.18%) to 519.11.
USA
The headline data print of the week was Thursday’s US CPI print, during September prices within the CPI basket rose by 0.2%, ahead of analyst estimates of 0.1%. Despite monthly inflation figures coming in hot, annual inflation in the US was 2.4%, only 0.4 percentage points off of the Fed’s target, signalling a continuation of the inflation downtrend. Higher inflation during September should only become problematic if the trend continues during October, putting significant pressure on the Federal Reserve where policymakers initiated the rate cutting cycle at their last meet with a 50 basis point move. US equities experienced a slight consolidation bucking the week’s trend. The S&P 500 ($SPX) fell 11.99 points (0.21%) to 5,780.05, while the Nasdaq 100 ($NDX) fell 27.1 points (0.13%) to 20,241.76, and the Dow ($INDU) fell 57.88 points (0.14%) to 42,454.12.
What to Watch Tomorrow
UK GDP (MoM)
US Core PPI (MoM)
US PPI (MoM)
Sources:
https://uk.finance.yahoo.com/world-indices/
https://uk.finance.yahoo.com/commodities
https://www.londonstockexchange.com/indices/ftse-100
https://www.binance.com/en-GB/price/bitcoin
https://www.binance.com/en-GB/price/ethereum
https://qontigo.com/index/sxxp/
Stock Market Activity Today & Latest Stock Market Trends | Nasdaq
https://coinmarketcap.com/charts/#market-cap
https://www.forexfactory.com
https://www.halifax.co.uk/assets/pdf/SEPTEMBER-2024-halifax-house-price-index.pdf
Definitions:
YoY - Year on Year, or, Year over Year
MoM - Month on Month, or, Month over Month
QoQ - Quarter on Quarter, or, Quarter over Quarter
ECB - European Central Bank
BOJ - Bank of Japan
Fed - Federal Reserve
BOE - Bank of England
SNB - Swiss National Bank
DOJ - Department of Justice