Energy In Focus As Investors Await Inflation And Earnings Reports

The most notable news and trading action overnight and into this morning has been in the Energy market. US Crude Oil is up 1.0% while Natural Gas is down 2.8%. Last night API reported a larger than expected (-5.2 mmbbls vs street -1.2 mmbbls) drawdown in weekly US oil inventories. DOE weekly US oil inventories (street -0.6 mmbbls) are due at 10:30 am this morning followed by Natural Gas storage on Thursday.

Overnight trading action in Asia Pacific markets saw Tokyo soar 2.0% while Hong Kong and Shanghai remained under pressure falling 0.5% each. US index futures and the Dax are all flat this morning, while the FTSE is down 0.2%. The US 10-year treasury note yield is steady, sitting on 4.00%.

Cryptocurrencies are having a volatile day with Bitcoin down 3.4% and Ethereum up 5.6% amid ongoing fallout around whether a Bitcoin ETF may be approved or not with the SEC saying its X account was hacked earlier this week. Metals trading finds Gold up 0.25% while Copper is up 0.75%.

While today is quiet for business news, things pick up significantly through to the end of the week. US Consumer Prices are due tomorrow, followed by US Producer Prices and China inflation numbers on Friday. Friday also is the kickoff to US earnings season with several big banks and other senior companies reporting results.

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