Markets Search for Direction Ahead of US Inflation Data

Markets are searching for direction this morning, with no major economic news, significant new developments in the Middle East, or market-moving earnings reports to provide a clear catalyst. The Reserve Bank of Australia offered one of the few notable policy developments, maintaining its benchmark interest rate at 4.35%. With the decision leaving Australian monetary policy unchanged, attention may increasingly shift toward the US inflation and consumer data scheduled later this week.

NASDAQ futures are up 0.3%, while Dow futures are up 0.1%.

Overseas, Japan’s Nikkei was up 2.1%, while Hong Kong’s Hang Seng fell 1.1%. In Europe, Germany’s DAX is up 0.2%, while the UK’s FTSE is up 0.1%.

In commodities, Crude Oil is up 0.2%, approaching $82.50/bbl, while Brent Crude is steady near $87.50/bbl. Gasoline is down 0.3%, but remains above $3.10/gallon. Gold is up 0.6%, trading near $4,450/oz, Copper is up 0.8% near $6.65/lb, and Silver is up 0.1%.

In the bond market, the US 10-year Treasury note yield has climbed toward 4.70%, while the US 30-year Treasury note yield is climbing toward 5.25%. The USD Index, Euro, and Loonie are all steady today.

Looking ahead, US consumer prices come out on Wednesday, followed by producer prices on Thursday and retail sales on Friday. This week’s earnings calendar remains dominated by a large number of small- and mid-cap companies.

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