Jueves 10/11/22 Inflación

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Copper November 10,13:39
Bid/Ask 3.6950 - 3.6966
Change +0.0381 +1.04%
Low/High 3.5669 - 3.7240
Charts

Nickel November 10,13:25
Bid/Ask 11.7505 - 11.7822
Change +0.6235 +5.60%
Low/High 10.9614 - 11.9024
Charts

Aluminum November 10,13:39
Bid/Ask 1.1465 - 1.1474
Change +0.0059 +0.52%
Low/High 1.1217 - 1.1601
Charts

Zinc November 10,13:39
Bid/Ask 1.3026 - 1.3032
Change +0.0079 +0.61%
Low/High 1.2850 - 1.3159
Charts

Lead November 10,13:37
Bid/Ask 0.9429 - 0.9447
Change +0.0126 +1.36%
Low/High 0.9216 - 0.9474
Charts

Uranium Nov 07, 2022
Ux U308 price: 49.50
Change from

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33463.57 949.63 2.92
S&P 500 3916.31 167.74 4.47
Nasdaq Composite 10972.12 618.95 5.98
Japan: Nikkei 225 27446.10 -270.33 -0.98
UK: FTSE 100 7375.34 79.09 1.08
Crude Oil Futures 86.91 1.08 1.26
Gold Futures 1754.00 40.30 2.35
Yen 142.08 -4.33 -2.96
Euro 1.0154 0.0140 1.40

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AST CHG %CHG
DJIA 33648.33 1134.39 3.49
S&P 500 3944.20 195.63 5.22
Nasdaq Composite 11066.21 713.03 6.89
Japan: Nikkei 225 27446.10 -270.33 -0.98
UK: FTSE 100 7375.34 79.09 1.08
Crude Oil Futures 86.33 0.50 0.58
Gold Futures 1756.90 43.20 2.52
Yen 141.58 -4.82 -3.29
Euro

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S&P Surges 5% as CPI Ignites Buy-Everything Rally: Markets Wrap
Dollar tumbles, Treasuries rally after October inflation data Bitcoin surges, oil rebounds as pressure on Fed eases

Stephen Kirkland
November 9, 2022, 6:10 PM EST
Markets Live: Crypto Bounces, US CPI Due, DollarSource: Bloomberg
Stocks headed for the best post-inflation day rally in more than a decade as slower-than-projected price growth sparked bets the Federal Reserve can downshift its aggressive rate-hike path.

The S&P extended gains with less than an hour to go in trading. More than 90% of stocks in the benchmark were swept up in the rally that left the index poised for the best first-day reaction to a CPI report since 2008. The relief rally caught short-sellers wrong-footed, helping spur the outsized gains. The sentiment shift also helped crypto markets stabilize despite the turmoil surrounding crypto exchange FTX.

Headline inflation came in at 7.7%, the lowest since January, before Russia’s war in Ukraine pushed up commodity prices. More important for the Fed, the core measure that excludes food and energy slowed more anticipated.

Thursday’s intense rally only partially claws back steep losses for risk assets hammered this year by the Fed’s tightening. The S&P 500 is still down almost 18% and the Nasdaq 100 is off nearly 30%, with both headed for their worst years since 2008.

Most-shorted stocks post the biggest rally since April 2020
Treasuries soared, sending the rate on two-year notes, more sensitive to monetary policy, down 28 basis points. Rates traders downgraded the odds of another three-quarter-point rate increase in December almost to nil, while continuing to price in a half-point hike.

“The first downside surprise in inflation in several months will inevitably be received by an equity market ovation,” Seema Shah, chief global strategist at Principal Asset Management, wrote. “A 0.5% hike, rather than 0.75%, in December is clearly on the cards but, until we have had a run of these types of CPI reports, a pause is still some way out.”

Fed officials appeared to back a downshift in rate hikes after a stretch of four jumbo-sized increases. They also stressed the need for policy to remain tight.

Dallas Fed President Lorie Logan said it may soon be appropriate to slow the pace to better assess economic conditions. San Francisco’s Mary Daly said the moderation was “good news,” but noted “pausing is not the discussion, the discussion is stepping down.”

Swaps markets pulled back bets on a peak rate to slightly less than 4.9% in the first half of next year, from more 5% before the CPI data.


Barry Ritholtz, Founder of Ritholtz Wealth Management and Host of “Masters in Business,” and Vince Cignarella, Global Macro Strategist with Bloomberg News, join the show to discuss how the midterms and CPI reading are being priced into markets. Hosted by Paul Sweeney and Matt Miller.
Market reaction to CPI report

Rick Rieder, chief investment officer of global fixed income at BlackRock Financial Management Inc.:

“Today’s CPI report showed some moderate improvement as some of the previously elevated excessively high inflation-drivers, such as used cars, started to decline at a faster pace.”

Michael Landsberg, chief investment officer, Landsberg Bennett Private Wealth Management:

“We are preparing for an environment where interest rates remain higher for longer. Investors should be more concerned with the effect that rising rates into a decelerating economy has on their portfolio values rather than the current level of inflation.”

Max Gokhman, chief investment officer for AlphaTrAI:

“We expected that there would be deceleration of core goods prices, but seeing services slump too was a bigger bonus than any banker will get this year. That said, this won’t budge the Fed to rethink a 50bp hike in December, so traders curb their initial enthusiasm.”

Ipek Ozkardeskaya, senior analyst at Swissquote Bank:

“Hallelujah! We finally saw a strong beat in terms of inflation in the US. Both the headline and the core figures came lower than expected. And that helped softening the hawkish Fed expectations, pull the US dollar and the yields lower. The soft inflation has been a puff of fresh air for the entire market.”

Guillermo Hernandez Sampere, head of trading at asset manager MPPM GmbH:

“Pivot Party to start right now, short squeeze will ignite the rally. If the remaining cash comes to work we’ve seen the lows for a while.”

James Athey, investment director at Aberdeen Asset Management:

“Equities will love this and are likely to pick up the baton and keep running. Of course that may make the Fed uncomfortable at this early stage in the disinflation process and so watch out for Fedspeak if equities get too frothy.”

Anastasia Amoroso, iCapital ch

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LAST CHG %CHG
DJIA 33715.37 1201.43 3.70
S&P 500 3956.37 207.80 5.54
Nasdaq Composite 11114.15 760.97 7.35
Japan: Nikkei 225 27446.10 -270.33 -0.98
UK: FTSE 100 7375.34 79.09 1.08
Crude Oil Futures 86.24 0.41 0.48
Gold Futures 1759.90 46.20 2.70
Yen 140.69 -5.72 -3.91
Euro 1.0212