Overseas Headlines – November 9, 2022

November 9, 2022


United States:

US Inflation to Cool Only Slightly, Keeping Big Fed Hike in Play

US inflation probably moderated just slightly in October data due Thursday, and yet another above-forecast reading may dash expectations for the Federal Reserve to downshift from steep interest-rate hikes.

Economists project the consumer price index and the core measure that excludes food and energy both cooled on an annual basis, but to rates still consistent with persistent and elevated inflation. The overall CPI is seen rising from a month earlier by the most since June.



European Stocks Drop as Inflation Jitters Keep Buyers Cautious

European stocks fell for the first time in four days as investors turned cautious ahead of key US inflation data that could provide further clues on the course of monetary policy tightening.

The Stoxx 600 Index was down 0.55% as of 1:30 p.m. in London, with miners, travel and leisure and technology sectors leading the declines. Utilities outperformed.



Oil Declines on Weak China Demand Outlook, Higher Stockpiles

Oil fell amid a challenging Chinese demand outlook and after an industry report pointed to rising US inventories.

West Texas Intermediate lost as much as 2% and traded near $88 a barrel. Swelling virus outbreaks in China show the strain its Covid Zero strategy is facing, with cases in Beijing hitting the highest in more than five months despite the nation’s program of lockdowns and mass testing.




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