► In Europe, energy stocks stood out with giants like TotalEnergies, BP, and Shell leading gains due to ongoing surge in oil prices. The Euro Stoxx 600 can rise a bit despite ongoing concerns as final Eurozone inflation numbers came in slightly cooler than hot expectations. Inflate Rate Y-o-Y is at 5.2% down from 5.3% in July and in line with expectations. Inflation rate M-o-M rose sharply (+ 0.5%), but less than expected (+ 0.6%) – but significantly faster inflation than in July (- 0.1%).
► Crude's rapid ascent by approximately a third since mid-June, driven by Saudi Arabia and Russia's efforts to manage supplies, puts central bankers globally under pressure. According to Deutsche Bank, “The relentless rise in oil prices” remains the core narrative.
► US equity futures started the day slow, showing little movement. US Treasury yields showed an upward trend, with the USD gaining strength against a majority of its significant counterparts ahead of tomorrow's Fed interest rate decision.
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