Rise and shine Traderade family, today is US PCE day.
It was a challenging market for many longs yesterday with the SPX falling -2.11%, and the Nasdaq 100 falling -2.86% and the Dow giving up all its gains closing down -1.54%.
Apple closed -21.7% off its highs and earnings from Nike and Micron were far from comforting and the US Dollar Index DXY is below 112.
Asia and Australia
Japan’s unemployment rate ticked slightly lower from 2.6% to 2.5% in this morning’s reading.
India’s Central Bank - RBI - raised their repo rates (benchmark) by 50bps following a previous 50bps hike in August to curb inflation. India’s Sensex is getting a nice bounce, up 2.9% as of this writing, after falling -4.9% since last Friday.
China’s Caixin Manufacturing PMI came out showing a decline to 48.10 in Sep from 49.50 in Aug. While expected, this is not a good sign.
Europe, Middle East, Africa
Germany’s CPI rose to 10% yesterday
Netherland’s inflation rose to a whopping 17%.
Eurozone inflation hits record 10% as energy prices continue to soar
The Americas
US Real GDP decreased -0.6% in Q2, 2022 following a decrease of -1.6% in Q1, 2022. The smaller decrease in the second quarter, compared to the first quarter, reflected an upturn in exports and an acceleration in consumer spending.
Meta (Facebook) took out its Covid lows this week and announced a series of cost cutting measures, including jobs. Mark Zuckerberg outlined a plan saying they will 2023 as a somewhat smaller organization. The writing was on the wall when Apple changed their privacy policies.
Calendars
Plenty of economic data from around the world has already been reported and we have a whole list of Fed speakers on the cards for the US today, along with PCE