Global markets navigated inflation concerns and central bank rhetoric today. US stock futures were subdued ahead of key inflation data and Nvidia earnings. Meanwhile, UK inflation expectations rose, while Australian CPI surprised higher, fueling rate hike speculation.
Fixed income saw pressure as US 5-year Treasury auction tailed for the tenth consecutive time, pushing yields higher. Brazilian interest-rate-linked debt forecasts also hit a record high, signaling broader sovereign debt worries.
Oil prices remained volatile. Initial rises on tight product draws and a small crude build reversed later on hopes of Strait of Hormuz reopening talks between Iran and Oman, despite earlier reports of an "Iran war" stalemate. The White House also pushed for more refinery waivers.
Meta Platforms rallied after agreeing to an $18 billion federal settlement, impacting other key stock movers. Durable goods orders surged, boosting the USD, while the Euro yields slid amidst crude's tumble despite hawkish ECB warnings.
Watch for upcoming inflation prints and central bank commentary for market direction.