Stock markets in Europe closed higher today following a difficult week, as the drop in UK, German and French bond yields supported equities.
Traders are in risk off mode as central banks are in focus this week. The Swedish central bank lifted rates by 100% rates today, and the Federal Reserve and the Bank of England are expected to deliver large rate hikes tomorrow and on Thursday, respectively.
Gold traded at its lowest mark in two years as pressure mounted on the yellow metal.
The US released several economic announcements today and the bulk of which were well received, and that added to the view the Federal Reserve will stick to their course of hiking interest rates at an aggressive pace.
US stocks have pulled back some of the ground they lost last night as US PPI cooled to 8.7%, from 9.8%.
Stock markets were rocked by the stronger-than-expected US CPI reading, the headline number was 8.3%, but economists were expecting 8.1%.
Traders are in risk-on mood once again as stocks, metals and oil are rallying. Tomorrow, the US CPI data will be posted, and economists are expecting a reading of 8.1%, which would be a fall from the 8.5% posted in July.
Traders are in risk-on mood even though yesterday there was a rate hike from the ECB and hawkish commentary from Jerome Powell.
Equity markets saw a lot of volatility today as the latest trade data from China added to worries about the health of the global economy.
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