Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
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Morning Brew December 10 2021
Erik Schafhauser
Senior Relationship Manager
Summary: Markets in Limbo ahead ud US CPI
Good morning,
Markets are in Limbo ahead of the key US Inflation data at 14:30 CET today. Expected at 6.8% the number will give an idea of the Feds action next week. The expectations are for faster tapering and hints at earlier rate hikes. As Japan just released a record 9.0% wholesale inflation in November, we could see a higher-than feared number in the US.
Rate sensitive equities were under pressure yesterday, the Nasdaq fell 1.7%, the Dow was unchanged and the S&P500 in the middle at -0.71. The USD Index and rates moved little but precious metals traded under pressure. Silver fell below the 22.00 support, Gold is trading above support at 1772.
The Dax has retreated to mid range at 15530 after German Inflation data case exactly as expected with the annual CPI at 5.2%
Bitcoin hovers below 50k at 48.000 and oil fairly stable at 70.7 USD.
Besides the US CPI the University of Michigan survey at 16:00 CET could be of interest.
Trade carefully
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