Inflation results worse than expected

The CPI inflation numbers were announced only few minutes ago and they are worse than expected. The CPI was expected to be around 8.1 %, with a previous 8.5 %. Yet, the number for April was 8.3 %. Core CPI was 6.2 %, with expected 6 % and previous 6.5 %.

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German inflation is sky-high

The rate of consumer price inflation in Germany increased to 10.0% year-over-year in September 2022. Inflation surpassed market predictions of 9.4% and marked the highest level since 1951 when it peaked at roughly 11.0%.

PMI falls in several countries

Eurozone Purchasing Managers’ Index (PMI) fell to 48.9 in September of 2022 from 49.8 in August, and Germany Services PMI also dropped to 45.4 from 47.7. UK Services PMI also falls from 50.9 to 49.2, but France surprises with a rebound from 51.2 to 53.

Beyond Meat COO arrested for battery

Doug Ramsey, the COO of Beyond Meat, was detained this weekend. Ramsey is accused of biting a man’s nose in a parking garage in Arkansas following a college football game. He was lodged in the Washington County jail after being accused of third-degree battery.

Spain’s trade deficit rose sharply

Spain’s trade deficit increased from EUR 1.60 billion in July 2021 to EUR 6.56 billion in July 2022. Spain’s imports rose 37.1% to an almost record high. This created the greatest trade deficit since December 2008, led by energy products, capital goods, non-chemical semi-manufactures, food, drinks and tobacco.

EU inflation is still high

The annual inflation rate in the Euro Area was confirmed at a record of 9.1% in August of 2022, compared to 8.9% in July. The highest contribution came from energy again. The Eurodollar holds around the parity level.

Biden with $900 million announcement

Today, President Joe Biden will announce the approval of $900 million funding for building EV charging stations. It should take place in 35 states and is a part of $1 trillion infrastructure bill that was approved in November of last year. Over the next 5 years about $5 billion will be granted to states to build thousands of EV charging stations.

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US GDP shrank by 0.6% in Q2

Following a quarterly decline of 1.6% in Q1, the US economy shrank by an annualized 0.6% in Q2 2022. This matches the second estimate and proves the US had, in fact, entered a recession. US stock indices continue to dive lower.

German inflation is sky-high

The rate of consumer price inflation in Germany increased to 10.0% year-over-year in September 2022. Inflation surpassed market predictions of 9.4% and marked the highest level since 1951 when it peaked at roughly 11.0%.

Crypto Punks NFTs traded 1m ETH

Crypto Punks, the most popular NFT project, just reached an important milestone. The total trading volume on OpenSea crossed 1 million Ethereum today, which is more than $1.3 billion at ETH’s price now. On average, a Crypto Punk NFT sells for approximately $100k, but someone bought Crypto Punk 2924 for $4.3 million today.

FTSE continues to drop

FTSE 100 stock index fell nearly 2% below 6,900, putting significant selling pressure on London’s stocks. Concerns about the interest rate hikes to control inflation continue to hurt markets. Moreover, the effect of the UK’s questionable fiscal strategy on global economic growth continued to dominate sentiment.

WTI Crude oil recovers losses

Worries about limited global supply helped WTI crude futures rise 2% to $80, pulling away from 9-month lows at $76 earlier this week. Hurricane Ian caused a reduction in US crude output of around 190,000 barrels per day, or 11% of the Gulf’s total.

GBP remains volatile

The Bank of England announced that it would start making temporary purchases of long-term UK government bonds on September 28 in order to restore orderly market conditions. The British pound remained volatile, first rising to above $1.08 before dropping to $1.05.

News

Stanley Druckenmiller disappointed by Fed and favors crypto
BTC
0.35%

Stanley Druckenmiller disappointed by Fed and favors crypto

After Paul Tudor Jones showed sympathy for crypto, another billionaire joined him. Stanley Druckenmiller thinks cryptos will have a comeback.

DAX erases Wednesday’s gains, remains bearish

Another batch of week data and rising inflation sent EU stocks lower.

UK records highest food inflation in history

Food prices are rising globally along with energy prices. The UK is now seeing the highest rate of inflation in this category.
EUR/USD remains offered, targets 0.95
-0.16%

EUR/USD remains offered, targets 0.95

It looks like another bearish day for the single currency as the USD remains unstoppable.