CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily summary: US CPI report provides more fuel to Wall Street rally

19:56 14 November 2023
  • Wall Street indices launched today's trading higher and gained further during the cash session after softer-than-expected US CPI reading for October boosted hopes that Fed is done hiking rates
  • US CPI data for October showed a bigger-than-expected slowdown in headline measure, from 3.7 to 3.2% YoY (exp. 3.3% YoY), as well as an unexpected drop in core gauge from 4.1 to 4.0% YoY (exp. 4.1% YoY)
  • Markets do not expect Fed to hike rates this year and price in almost 100 basis points of rate cuts for the next year, with the first 25 bp rate cut being fully priced in for June 2024
  • S&P 500 is trading 2% higher on the day, Dow Jones gains 1.5%, Nasdaq jumps 2.3% while small-cap Russell 2000 rallies almost 5%
  • European stock market indices traded higher today - German DAX surged 1.8%, French CAC40 jumped 1.4%, UK FTSE 100 moved 0.2% higher while Spanish IBEX rallied 1.7%. Polish WIG20 was Europe's top performer with an almost 5% gain
  • According to a Bloomberg report, China is considering a stimulus package worth $137 billion aimed at supporting domestic housing market
  • Second release of the euro area GDP report for Q3 2023 confirmed values from flash release and showed a 0.1% QoQ contraction
  • IEA increased global oil demand growth forecast for 2023 from 2.3 million bpd to 2.4 million bpd. Forecast for 2024 was increased from 0.88 million bpd to 0.93 million bpd
  • IEA also said that Chinese oil demand reached a record high of 17.1 million bpd in September
  • German ZEW current conditions index ticked higher from -79.9 to -79.8 in November (exp. -76.9) while the expectations index jumped from -1.1 to +9.8 (exp. +5.0)
  • UK earnings growth decelerated from 8.1 to 7.9% YoY in September (exp. 7.3% YoY), while core earnings growth (ex-bonuses) decelerated from 7.8 to 7.7% YoY (exp. 7.7% YoY)
  • BoE Pill said that Bank of England may not need to raise rates further
  • Fed Barkin repeated that he is not convinced inflation is on a smooth glide path to 2% and that he fears more needs to be done to curb demand and inflation
  • Fed Goolsbee said that key to further progress on inflation is housing. He also said that this year may see the fastest non-war-related drop in US CPI in 100 years, with unemployment remaining below 4%
  • Cryptocurrencies are trading lower today - Bitcoin drops 2.1%, Ethereum drops 2.8% and Dogecoin trades 3.2% lower
  • Oil trades flat while US natural gas prices drop over 4%
  • Precious metals gain on USD weakness with gold trading 0.9% higher, silver and palladium rallying over 3% and platinum adding 2.4%
  • NZD and AUD are the best performing major currencies while USD and CAD lag the most

Small-cap Russell 2000 (US2000) is the best performing Wall Street index today, jumping almost 5%. Index broke above the upper limit of the bearish channel as well as 1,780 pts resistance zone today. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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