Investors await key US inflation data
According to an Energy Information Administration (EIA) report, OPEC oil production will be below oil deal targets during the third and fourth quarters of 2021. Fundamentally, it plays in favor of higher oil prices. But concerns about the spread of the Delta strain in Asian countries are still holding back the rise in quotes.
Today, the consumer price index data for the previous month will be published in the US. Rising inflation will most likely lead to an increase in the dollar index and government bond yields, sending gold and silver prices sharply lower. Conversely, if inflation data is good (declining inflation), precious metal prices could jump.
Asian stock indices are mostly rising today ahead of key US inflation data. Lenovo shares jumped by 7.8%, as the company’s quarterly net income increased to a record high. Meanwhile, due to stronger quarantine restrictions in Japan, China, South Korea, and other Asian countries, experts are already seeing signs of weakening economic activity in the region, especially in the tourism and manufacturing sectors. In Australia, the consumer confidence index fell to its lowest level within a year due to the restrictions.
S&P 500 (F) 4,436.75 +4.40 (+0.10%)
Dow Jones 35,264.67 +162.82 (+0.46%)
DAX 15,770.71 +25.30 (+0.16%)
FTSE 100 7,161.04 +28.74 (+0.40%)
USD Index 93.06 +0.09 (+0.09%)
News feed for: 2023.07.04
- US Consumer Price Index (m/m) at 15:30 (GMT+3);
- US Core Consumer Price Index (m/m) at 15:30 (GMT+3);
- US Crude Oil Reserves (w/w) at 17:30 (GMT+3);
- US FOMC Member Bostic’s Speech at 17:30 (GMT+3).
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
