UK Stocks Fall, Sterling Gains After Shocking Inflation Report
UK equities fell sharply on Wednesday after December inflation data showed the first acceleration in 10 months.
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BTC$62,686.00-1.67%
ETH$1,666.62-3.16%
USDT$0.9987-0.01%
USDC$0.9996-0.01%
XRP$1.10-1.88%
SOL$69.40-3.23%
TRX$0.329-1.01%
FIGR_HELOC$1.03-0.16%
HYPE$61.30-7.24%
DOGE$0.0789-3.56%
USDS$0.9997+0.00%
RAIN$0.0157-2.06%
LEO$9.49-0.84%
ZEC$413.84-6.89%
XLM$0.1911-3.05%
February inflation came in at 2.4%, matching expectations, but rising oil prices tied to the Iran conflict are raising concerns about future inflation.
UK equities fell sharply on Wednesday after December inflation data showed the first acceleration in 10 months.
The US dollar index fell and stocks rose higher on Tuesday following a positive inflation report for October.
Expectations that the Fed will pause rate hikes after the latest CPI print stand at more than 90%, per the CME FedWatch tool.
CPI print showed inflation rose to 3.2% annually in July, compared to the expected 3.3%.
June CPI report showed that inflation fell to 3% last month, while core CPI declined to 4.8%.
The Fed is set to meet on June 14 and decide its next policy move.
Core inflation, which does not take food and energy costs into account, stood at 5.5% in April.
The next FOMC meeting is scheduled to be held on March 21st, 2023.
Annual inflation rate slowed down to 6.5% in December.
The crypto market has moved higher amid optimistic projections ahead of the CPI reading.
Annual and monthly inflation rose by 7.1% and 0.1% in November, compared to analysts' estimates of 7.3% and 0.3%, respectively.
Inflation recorded at 8.2% yoy with September's CPI print, is peak inflation over for the US?