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US CPI hit 7.5% y/y in January, the highest it has printed since February 1982 – almost a full 40-year gap. The print was also higher than expected, resulting in a flurry of activity, with the generic 10-year US bond yield breaching the 2% level and US equities seeing a fairly sharp sell-off after the release.
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This week’s eventful day has arrived, and yet there is still a time to wait before the action begins!
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A pause at the midpoint of the week. Having seen significant volatility for the first part of this week, equity markets are trading broadly in the green.
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The Chinese market catch-up is over and today we see equity markets see-sawing through their trading sessions.
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Last week ended on an unexpected high, 476,000 to be exact. This is the number of jobs added in the US in January, substantially higher than the Bloomberg consensus expectation of 125, 000
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Mirroring the emotions of the athletes will no doubt be global markets, with extreme highs and lows – this can be best illustrated in the massive losses experienced by Meta on markets earlier this week.
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OPEC+’s production update did not surprise with an increase of 400,000 barrels per day announced. The concern though lies with the ability of some OPEC+ members to meet these supply targets.
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South Africa hasn’t had a good start to February, as discussed yesterday, the price of fuel went up today and to add to consumer and economic woes, load-shedding will be implemented from 11:00
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Near-term inflationary pressures remain high globally, and South Africa is not immune to this as evidenced by the announcement yesterday from the Department of Energy that the prices of petrol and diesel will rise on Wednesday.
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Event and data filled week ahead of us including monetary policy announcements by the Reserve Bank of Australia, Bank of England and ECB.
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RMB's research offering spans across the fixed income, currency and credit markets to offer strategic insight to our clients across multiple sectors and markets.