📆 Wednesday, September 13
► In Europe, the Stoxx 600 dropped by 0.5%. Money markets hint at ECB's probable policy tightening, pricing in another 25 basis-point hike by year-end after revelations that inflation might sustain above 3% in 2023.
► In the UK, economic contractions are at the fastest pace in seven months led to the GBP's drop to a three-month low. The monthly GDP fell to -0.50% in July from 0.50% in June. Industrial production and trade deficit numbers also decreased painting a bleak picture for the UK economy.
► Traders anticipate the US consumer price report (CPI), forecasting monthly headline inflation at 0.6% – sharply higher from the 0.2% m-o-m (July). It is also forecasted that annualized core inflation could hover 4.3% (below the 4.7% in July). It's likely that the CPI report paints a picture of stubborn inflation which would weigh on markets as expectation for rate cuts in 2024 would be further reduced.
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