What’s in Today’s Report:
- The State of Inflation: CPI Preview and Inflation Expectations Update
- EIA Data and Oil Market Analysis (How High Can The Rally Go?)
Futures are modestly higher as markets bounce back from Wednesday’s declines following mixed news from China.
Positively, Chinese authorities may allow ANT Group to IPO, which is another sign China is easing pressure on tech companies. Additionally, Chinese exports handily beat estimates (16.9% vs. (E) 8.0%).
Negatively, Shanghai and Beijing reimposed some COVID restrictions, showing “Zero COVID” remains in effect.
Today focus will be on the ECB Rate Decision, and while no rate hike is expected, President Lagarde is expected to hint that a rate hike is coming in July and another rate hike is coming later this year (if it’s more hawkish than that, that will be a headwind on global stocks). We also get Jobless Claims (E: 210K) but that shouldn’t move markets.