US stocks surged on Wednesday after fresh CPI data showed the US inflation steadying, with S&P 500 hitting highest level in three months and the tech-heavy Nasdaq composite closing more than 20% above lows hit earlier this year

MACRO

US Markets jumped with the S&P 500 hitting a 3-month high after CPI data reflected a slowdown in inflation 

US CPI rose 8.5% YoY in July, coming in below expectations of 8.7%, on the back of weaker energy prices

EU Markets took the lead from softer US inflation numbers to close higher, while German CPI fell in line with expectations  

Asia Markets were broadly lower, while China CPI touched a 25-month high on the back of soaring pork prices  

SECTORS

Gold prices are holding up even as the latest inflation reading could allude to less aggressive rate hikes from the Fed 

WTI Crude Oil rebounded, trading above $91/barrel at time of writing on the back of reduced gasoline stocks as demand picked up   

COMPANY

Coinbase soared 7.4% despite reporting a bigger-than-expected loss alongside declining volumes

Wendy’s retreated 1.75% having missed expectations for US same-store sales growth as consumers pulled back on spending amid high inflation

Fox gained almost 3.3% despite missing earnings forecasts on both the top and bottom lines  

Unity Software rose 10% after recording a smaller loss per share than anticipated, while receiving a takeover offer from AppLovin Corp

EVENTS

Today’s Earnings:

• Very (VERY)
• Six Flags (SIX)
• Canada Goose (GOOS)
• Rivian (RIVN)

Economic Calendar (12 Aug 2022)

• United Kingdom GDP MoM (June)
• US Michigan Consumer Sentiment Preliminary (Aug)

Disclaimer:

The information contained in this article has been obtained from public sources which the writer has no reason to believe are unreliable and any analysis, forecast, projections, expectations and opinion (collectively “Research”) contained in this article are based on such information and are expressions of belief only. The writer has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this presentation is subject to change, and the writer shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will the writer be liable for any loss, including any special, indirect, incidental or consequential damages, which may be incurred from the use of the information or Research made available.

This article is intended for general circulation and educational purposes only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Past performance figures as well as any projection or forecast used in this article, are not necessarily indicative of future performance of any investment products. You should seek advice from a financial adviser regarding the suitability of the investment products mentioned. In the event you choose not to seek advice from a financial adviser, you should consider whether the investment product in question is suitable for you. Views and any strategies described in this article may not be suitable for all investors. Any reference to or discussion of investment products in this article is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products mentioned.