The S&P500 couldn’t care less about hotter inflation… | MarketTalk: What’s up today? | Swissquote

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Inflation in the US accelerated, not only in terms of monthly headline figure but everywhere, both core and headline, and both yearly and monthly figures came in hotter-than-expected. US yields and dollar rose, gold fell, but the S&P500 gained!
Elsewhere, sterling fell against the dollar as softer-than-expected jobs data in the UK reassured the Bank of England (BoE) doves and boosted the expectation of rate cuts this year to almost three following the data.
In Japan, all eyes are on wages negotiations as many Japanese unions disclose their pay deals with employers this week. Yen traders are closely watching the news as any pickup in wages should boost inflation expectations and get the Bank of Japan (BoJ) to exit the negative rates sooner rather than later. So far, it seems that big corporations meet wage demands.
In energy, US crude tested the 200-DMA to the upside as the API data printed a 5.5-mio barrel fall in US oil inventories last week. OPEC raised its economic outlook for the year but a delay in Fed cuts could further reinforce offers above $80pb level.
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