5/10/2021 11:01:14 AM GMT
Overview: Last week s cyberattack on the largest US gasoline pipeline continues to lift oil and gasoline prices. The June gasoline futures gapped higher to extend last week s 2.4% but has subsequently moved lower to enter the gap. June WTI is firm and holding above $65. The supply disruption is key, but iron ore prices soared 10% on strong Chinese demand. More broadly, the CRB Index settled last week at six-year highs. Led by South Korea, Asia Pacific equities markets moved higher, and Australia s ASX rose to a new record high. Europe s Dow Jones Stoxx 600 is up fractionally but sufficient to also set a new record high. US futures are narrowly mixed, with the NASDAQ trailing. The US 10-year yield recovered smartly after the sharp and quick drop on the back of the weak jobs data. It is steady today near 1.58%. European yields are narrowly mixed. The UK Gilt yield is up a couple of basis points, while Australia and New Zealand saw their 10-year yield rose thr
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If last week was all about jobs, this week is all about prices. Considering how much people worry about inflation these days, two key reports should give us a much better idea whether it’s actually a fact on the ground.
Wednesday brings the April consumer price index (CPI), which rose a sharp 0.6% in March. Thursday’s Producer Price Index (PPI) might get an even closer look, considering it rose a massive 1% month-over-month in March. That was the largest monthly gain in more than nine years. Year-over-year producer prices rose 4.2%, the biggest in almost 10 years.
Later in the week comes retail sales. All of this after last Friday’s jobs report disappointed in terms of how much economic growth it showed, but seemed to give the market a bit of a lift by easing rate concerns.
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from Challenger Gray and ChristmasAfter a year of tremendous uncertainty, quarantines, isolation, and challenging remote learning environments, millions of resilient young adults across the country are graduating into a recovering job market, but with lots of competition.