Stubborn Spanish inflation in October keeps ECB rate hike in play
Spain's October final CPI held at 4.9% year-on-year, matching estimates. Core inflation was 3.1%. Markets price 82% odds of an ECB rate move in December.
US midterm voting has been largely disruption-free as polls close in stages; markets are focused on House and Senate control, with the S&P 500 up 0.3%.
The US midterm elections are continuing with relatively little drama. Talk of false flags and martial law on election day has not become reality, and disruptions at polling places have been limited, and certainly have not been widespread.
Poll closings across the country are scheduled as follows. States that cross two time zones finish voting in phases, so early calls in Indiana and Kentucky will capture only part of the vote until the rest of each state finishes an hour later.
The first reading on the night will come from the early East Coast closings. For markets, the key issue is control of the House and Senate and what it implies for the fiscal outlook. Many House contests along the West Coast will take days to resolve, and California is especially slow to count votes. Should the House margin be narrow, do not look for a clear outcome before Europe's trading session.
Prediction markets put the Democrats' odds of controlling the Senate at 73% and of controlling the House at 93%. Those odds have moved only slightly today as figures on registered voting patterns come in.
Wall Street has trimmed its earlier advance, leaving the S&P 500 higher by 24 points, or 0.3%.
Share to
Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
Spain's October final CPI held at 4.9% year-on-year, matching estimates. Core inflation was 3.1%. Markets price 82% odds of an ECB rate move in December.
French inflation accelerated in October, driven by energy prices. Core and services inflation also rose, reinforcing expectations of a December ECB rate hike.
Germany's October wholesale price index rose 0.4% month-on-month, easing from a 1.9% gain in September.
Growing Fed rate hike bets rocked Asian markets, with JGB yields rising, yen near 160, and bitcoin below $69,000.