US S&P 500 and Nasdaq futures are sharply lower this morning, down by 1.1% for the S&P 500 and 1.4% for the Nasdaq 100 as investors fear inflationary signals spreading. The FTSI 100 is down by 1.21% following a strong pick up in UK consumer prices, up 1.5% in April after a 0.8% pickup in March. The leading EU index, the EURSX50 is down by 1.52% as well. Asian markets traded mostly lower overnight, the NIKKEI lost 1.28%, the Hang Seng was closed for a market holiday and the CSI 300 lost 0.3%. The dollar index in higher versus majors after a 5-day slid, trading at 90.05, up 0.28% and gaining mostly versus the growth currencies, the AUD and CAD. Gold and Silver are trading lower on the stronger dollar, Gold is $1,888 per ounce, down 0.85% and Silver trades at $27.77 per ounce, down 2.82%. Oil prices are sharply lower this morning ahead of the Inventories numbers, trading at $64.16 per barrel, down 2.11% as investors fear fresh crude supplies from Iran will play a negative role as well as global inflation fears. The API survey is projecting an increase of 620K barrels of crude. US Oil inventories are to be released at 10:30 am this morning.
US Oil Inventories at 10:30 am is the important news on the agenda Wednesday, (all times EST).
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Both US futures and EU markets are sharply lower this morning as investors fear inflation spreading into EU markets following a strong pickup in UK prices.
OIL trades sharply lower this morning on inflation fears and Iran supplies entering global crude markets.
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