The British pound is taking a hammering as the new Chancellor of the Exchequer, Kwasi Kwarteng, announced tax cuts to stimulate the economy.
US stocks have pulled back some of the ground they lost last night as US PPI cooled to 8.7%, from 9.8%.
FedEx is a delivery company and therefore its heavily tied in with consumer activity, so the performance of the company can viewed as a gauge of consumer appetite.
There was a spike in volatility last week when the US CPI report ticked down to 8.5% from 9.1%, missing the forecast of 8.7%.
It has been an interesting week and despite a lot of negative news, equity markets enjoyed a positive run.
Tesla’s share price has been going down a gear for the past four months.
Once again fears about high inflation and the prospect of more interest rate hikes in the US are hammering stocks.
By Stuart Cole, Head Macro Economist, Equiti Capital
By Stuart Cole, Head Macro Economist, Equiti Capital
Equity markets are higher across the board as European traders picked up the bullish baton from their counterparts in Asia overnight, and the optimistic mood is doing the rounds in the US too.
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