► The Stoxx Europe 600 index is unchanged (0.0%), after experiencing some gains on Tuesday. Luxury brand giant, LVMH faced a 7% slump due to missed sales growth expectations, possibly indicating a potential end to the post-pandemic luxury surge. In addition to this, other luxury brands like Christian Dior, Richemont, and Burberry Group dropped over 4%.
► German inflation data revealed a decrease in the consumer price inflation rate to 4.5% y-y in September, marking the lowest since the Ukraine conflict in February 2022. The month-on-month Consumer Price Index in Germany for September indicated a 0.3% increase in line with expectations. Given the sharp rise of energy prices, the moderate inflation data is a positive sign. Current soaring European gas prices, however, is a “new” inflation threat.
► In the US, stocks saw gains with both the S&P 500 and Nasdaq 100 recording a 0.5% increase on Tuesday. The upcoming minutes from the latest Fed meeting and key US inflation data set for Thursday (Oct 12) are highly anticipated by investors. Additionally, the ongoing Israel-Hamas conflict continues to influence global financial landscapes. US President Joe Biden assured Israel of comprehensive support, which includes intelligence and ammunition aid. US producer price inflation will be released later today (12:30 UTC+0).
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