The week’s sharp escalation of Middle East tensions ensured the mood remained cautious but European stocks shuffled to a 3-week high early on after a 1.75% jump from Tokyo had done the same for Asia.
China, however, has also issued a notice prohibiting domestic brokerages and their overseas units from taking on new mainland clients for offshore trading, which will restrict capital outflows, Reuters reported on Thursday. Waller has been among the most vocal advocates for higher interest rates to fight inflation, and his view added weight to similar statements this week by Fed Vice Chair Philip Jefferson and Dallas Fed President Lorie Logan.
With the long-awaited pivot for the Fed in sight, traders are bracing for the all-important U.S. consumer inflation report later. Stakes are even higher than usual after producer price inflation came in hotter than expected on Wednesday. “The more lasting impact to the data would likely come from a 0.4% m/m core number, which would mean that the two most important data releases for September numbers would both be making a case for the Fed remaining hawkish,” he said.Long-dated U.S. Treasury yields eased for a third straight session, also benefiting from some safe-haven demand from the escalation in the Israeli-Palestinian conflict following deadly attacks in Israel at the weekend.
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