The U.S. dollar continued the previous day's rally, while futures struggled for direction in premarket trading, after a mixed batch of results, including a disappointing performance from Alphabet.

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The big event today will be the release of Microsoft and Alphabet's results after the closing bell. Investors want to find out if their bet on artificial intelligence is bearing fruit. In the meantime, they will focus on PMIs for the major economies, and on the comments from legendary investor legendary investor Bill Ackman.

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Global indices continued to decline last week, with losses ranging from -2.4% on the S&P500 to -3.4% on the Stoxx Europe 600. Oil, the dollar and gold climbed, against a backdrop of heightened risk aversion due to fears of an extension of the Middle East conflict. The strength of the headwinds has caused indices to lose 8% since their July peaks.

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Futures were in the red this morning as the 10-year U.S. Treasury yield flirts with 5% following Jerome Powell’s hawkish speech yesterday.

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The situation is still tense on financial markets due to the major crisis in the Middle East. Corporate earnings releases are multiplying, helping to refine earnings trends for the end of the year. Jerome Powell is due to speak later today. 

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Yesterday, equity indices went in all directions, amid the confusion of hard-to-interpret macroeconomic data and the worsening crisis in the Middle East. Investors can't see any clearer this morning, between the worsening conflict and quarterly earnings releases.

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Investor sentiment is up and down at the moment, resulting in a kind of sideways movement in equities. To complicate matters, the market thought it was going to wait quietly for quarterly corporate results, only to find itself faced with a major crisis in the Middle East. Joe Biden is going to intervene personally. And new data published today reawakened rate hike fears.

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The conflict in the Middle East has pushed up the price of gold, the dollar, oil and defense stocks, a sign that the financial sector is concerned about the situation. This heightened geopolitical tension coincides with the start of earnings season. In the background, the major debates over US interest rates and the strength of the Chinese economy continue to fuel speculation.

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Apparently, Fridays the 13th result in an average gain of 0.1% on US equity markets, three times the average anyway. Yes, serious people have enough time on their hands to compile this kind of data. We'll see if this proves correct at the close, but in the meantime, let’s focus on large banks, the slight downturn on stock markets, and the latest Chinese statistics, which aren't great.

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Equity markets continued their ascent yesterday despite economic data that would probably have undermined sentiment a week earlier. This is due to the perception that US monetary policy is changing. The Fed's central bankers have softened their rhetoric of late. So much so, in fact, that yesterday's release of a higher-than-expected rise in US producer prices was completely ignored. And today's CPI data could also be shrugged...

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