Investors weighed the latest inflation data from the US and the UK, while digesting results from major companies, sending European stocks steadying and Wall Street equity futures pared their losses.[0] Data from the American Petroleum Institute showed a crude oil stockpile of 10.51 million barrels in the US for the week ended February 10 and Brent Crude Futures for April settlement decreased 0.89 percent to $84.82 whereas WTI Crude Futures for March settlement decreased 0.95 percent to $78.31.
Barclays Plc fell the most in more than 11 months after the bank’s earnings missed estimates, while Deutsche Lufthansa AG fell after the airline grounded all flights, citing issues with its computer systems.[0] Shares of Airbnb Inc. rose in premarket trading after the firm projected higher-than-expected revenue.[0]
US CPI data, which showed prices rising higher than expected, is being scrutinized by investors, as well as the remarks of Federal Reserve authorities.[1] UK inflation also remains stubbornly high in double digits and five times above the Bank of England’s target.[1] In spite of this, the pound declined in value as the Consumer Price Index dropped further than anticipated in the month of[1] Investors reduced their expectations of additional increases in interest rates and government bonds rose in value.[1]
Federal Reserve officials have indicated that the central bank might “have to do more”to fight inflation and Dallas Fed President Lorie Logan said rate increases could last “for a longer period than previously anticipated.”[0]
The MSCI Asia Pacific Index fell 1.2% and the Bloomberg Dollar Spot Index rose 0.3%.[1] The Japanese yen fell 0.1% to 133.32 per dollar and the offshore yuan fell 0.2% to 6.8492 per dollar.[1] The British pound fell 0.6% to $1.2099 and Ether fell 0.4% to $1,550.45.[1] Germany’s 10-year yield declined three basis points to 2.40% and Britain’s 10-year yield declined 11 basis points to 3.41%.[1] Spot gold fell 1% to $1,835.86 an ounce.[1]
Following the earthquakes in southeastern Turkey, trading resumed on the Borsa Istanbul 100 Index with a more than 9% rise.[1] April Gold Futures are trading at $1,856, which is a decrease of 0.46%.[2]
0. “Stocks Pare Retreat With Rates, Earnings in Focus: Markets Wrap” Yahoo! Voices, 15 Feb. 2023, https://www.yahoo.com/now/asia-stocks-set-choppy-open-224521125.html
1. “Stocks Pare Retreat With Rates, Earnings in Focus: Markets Wrap” Financial Post, 15 Feb. 2023, https://financialpost.com/pmn/business-pmn/stocks-pare-retreat-with-rates-earnings-in-focus-markets-wrap
2. “Inflation Angst Seen Dragging European Benchmarks” RTTNews, 15 Feb. 2023, https://www.rttnews.com/3344093/inflation-angst-seen-dragging-european-benchmarks.aspx