CANBERA (dpa-AFX) - Fed rate cut expectations firmed up as markets digested the uptick in headline inflation and the steady core inflation that was on expected lines. Markets now wait for the producer price inflation on Thursday morning and Fed Chair Jerome Powell's speech later in the day.
Post the release of the U.S. CPI data, the likelihood of a quarter-point Fed rate cut in December has increased to 79 percent whereas the probability of a pause has decreased to 21 percent.
Wall Street Futures edged higher. European benchmarks are trading higher. Asian benchmarks closed on a mostly negative note ahead of key economic data releases from Japan and China.
The Dollar Index surged to a more than 1-year high. Bond yields are moving mixed. Crude oil prices edged up. Gold tumbled amidst the Dollar's resurgence. Cryptocurrencies rallied and Bitcoin breached $93k.
Here is a snapshot of the major world markets at this hour.
Stock Indexes:
DJIA (US30) at 44,001.10 up 0.10% S&P 500 (US500) at 5,990.70, up 0.09% Germany's DAX at 19,207.65, up 1.21% U.K.'s FTSE 100 at 8,056.55, up 0.33% France's CAC 40 at 7,281.84, up 0.90% Euro Stoxx 50 at 4,799.65, up 1.25% Japan's Nikkei 225 at 38,504.00, down 0.61% Australia's S&P ASX 200 at 8,224.00, up 0.37% China's Shanghai Composite at 3,379.84, down 1.73% Hong Kong's Hang Seng at 19,435.81, down 1.96%
Currencies:
EUR/USD at 1.0507, down 0.53% GBP/USD at 1.2639, down 0.50% USD/JPY at 156.03, up 0.37% AUD/USD at 0.6457, down 0.42% USD/CAD at 1.4014, up 0.13% Dollar Index at 106.96, up 0.45%
Ten-Year Govt Bond Yields:
U.S. at 4.458%, up 0.11% Germany at 2.3665%, down 0.86% France at 3.116%, down 0.89% U.K. at 4.5750%, up 1.15% Japan at 1.053%, down 0.66%
Commodities:
Brent Oil Futures (Jan) at $72.33, up 0.07%. Crude Oil WTI Futures (Dec) at $68.45, up 0.03%. Gold Futures (Dec) at $2,546.95, down 1.53%.
Cryptocurrencies:
Bitcoin at $91,227.85, up 4.35% Ethereum at $3,194.11, up 1.19% Solana at $219.18, up 6.08% BNB at $634.86, up 4.99% Dogecoin (DOGE) at $0.4021, up 3.87%.
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