US stocks jumped back on the train, pushing higher overnight as PPI data supported the peak inflation story. The Dow Jones finished up 56 points (+0.17%), in the middle of a big trading range and making up for some of the previous session’s losses. At best it was up 450 points and at worst it was down 217 points. The S&P 500 rose 0.87%, and the NASDAQ was up 1.45%. In Europe, Stoxx 50 was up 0.7%, FTSE was down 0.2%, CAC was up 0.5%, DAX was up 0.5%, with reports coming in that Russian missiles hit Poland. SPI Futures are down 12 points (-0.17%) this morning. This follows a 5-point fall yesterday. 
The US producer price index for October came in at 8% last night, below the 8.3% expected. This helped fuel investor optimism of the Fed slowing the pace of rate increases. But the rally came to a halt when news of the Russian missiles hitting Poland landed, with markets dropping sharply on the news. The USD Index also slipped on the news but rallied into the close, finishing down 0.24% but off lows for the session. US 10-Year and 2-Year yields also fell during the session, down 9.6bps and 6.1bps respectively.
In commodities, oil prices rose overnight, with brent crude up 1.12% and WTI up 1.19%, following news of a pipeline disruption to Hungary.  Base metals were mixed with some big moves in nickel, up 10.53%, and tin, up 8.63%. Gold continued higher up another 1.31. Coal prices jumped overnight, up 6.24%. Iron ore moved slightly higher, up 0.42%, with BHP up 2.23% and RIO up 1.62% in ADR terms. Bitcoin found some buyers, up 3.35%, but is still down over 24% in the past 10 days.

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