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Week In Review: Nov 14th to Nov 18th

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US CPI

Inflation in the US for October was 7.7% YoY, less than the 8% anticipated and the 8.2% reading from September, according to data from the US CPI released on Thursday.

The corresponding readings for each month since June have been 9.1%, 8.5%, 8.3%, 8.2%, and 7.7%. Looks like the print is headed to the right direction. Compared to the 6.5% YoY estimate and the 6.6% YoY reading from September, the Core CPI print came in at 6.3% YoY.

Despite possible overreaction on the part of the markets, US stock markets saw significant gains across the board as the US Dollar traded much lower, with the DXY down nearly 3.85% last week.

UK CPI

From a reading of 10.1% YoY in September, the UK is anticipating inflation to increase to 10.6% YoY in 2018. Inflation is anticipated to reach a peak of 10.9%, according to BOE Governor Bailey. Could this week’s rate exceed 10.6%?

From 6.5% YoY to 6.4% YoY, the core reading is anticipated to decrease. After increasing interest rates by 75 basis points last month, the Bank of England will be hoping that prices don’t rise too far above the 6.5%, a 40-year high that ticked up in September.

US Retail Sales

Even though there have been similar price pressures in both the US and the UK and Europe, the US consumer has proven to be much more resilient. However, the US natural gas price spikes have been nothing in comparison to those in the UK and Europe. This is because of the US’s own shale-based natural gas supply which helped maintain reasonable prices.

While August’s retail sales were revised up by 0.4%, September’s remained unchanged. The control group measure increased to 0.4% when compared to expectations, which would seem to suggest that consumers are still willing to spend money despite rising prices.

FTX files for bankruptcy

FTX used to be the world’s third largest cryptocurrency exchange has filed for bankruptcy last week. More than 130 associated entities spread across the world were identified by FTX in its bankruptcy filing. The corporation estimated its obligations to be between $10 billion and $50 billion, and it valued its assets in the same range.

The cryptocurrency industry has been rocked by a string of catastrophes, the most recent of which, FTX, came as prices fell and financial regulators surrounded the industry. Within the crypto community, its failure is already evident.

 

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