Daily Report

12 de Setembro de 2024
Financial Markets | daily report 12.09.2024
  • Financial markets had a mixed session on Wednesday. As investors awaited today's ECB meeting, the biggest macro driver yesterday was the US CPI report for August, which showed that prices rose in line with expectations (0.2% MoM), but core inflation showed some stickiness (0.3% MoM) due to higher than expected costs for housing and other services.
  • Against this backdrop, government bond yields whipsawed, with euro zone yields ending the day lower, while US Treasury yields moved higher. In the money markets, investors are now pricing in with a greater conviction a 25bp rate cut from the Fed next week, rather than a 50bp cut, as the CPI report gave the FOMC reason to cut, but cautiously.
  • In the equity markets, most indexes across the Atlantic ended the day higher, with the Nasdaq posting the larger gains. In the currency market, the euro and the dollar were relatively flat. In the commodities market, oil prices rose on concerns that Hurricane Francine could shut down offshore oil production in the Gulf of Mexico for an extended period of time.