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Oil Lowest Since February Promoting Peak Inflation

By Stephen InnesMarket OverviewAug 05, 2022 04:21AM ET

www.investing.com/analysis/oil-lowest-since-february-promoting-peak-inflation-200628106

By Stephen Innes | Aug 05, 2022 04:21AM ET

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US equities slipped on Thursday as mixed earnings outlooks and more hawkish Fed official commentary offered little encouragement to investors ahead of today's US nonfarm payrolls. A return in US-China tensions also weighed on sentiment following headlines that 22 Chinese Air Force planes entered Taiwan's air defence zone and crossed the Taiwan Strait median line.

Oil prices continued their slide and should promote the peak inflation narrative, which seems sufficient enough to keep the markets supported for now.

Still, market exhaustion and nonfarm payroll anticipation were common themes among markets during the reasonably quiet New York session on Thursday.

Oil

The most meaningful read-through from this week is the oil markets' newfangled predisposition to treat the bearish news as overly bearish and discount good news.

The deteriorating demand picture in the US seemingly justified the downswing despite OPEC's reluctance to deploy strategic spare capacity.

Foreign Exchange

Risk traded firm into the New York afternoon yesterday, assisting EM FX outperformance.

In G10, GBP/USD tumbled despite the Bank of England's most significant rate hike of 50bp since 1995 and the reasonably hawkish short-term guidance but retraced most of the move throughout the rest of the New York session.

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Kris Jay Aug 05, 2022 5:41AM ET

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remember that the administration has removed energy and food from the CPI so small changes in oil ($20/bbl) will not have immediate effect on core CPI. Lower energy prices will help but we have gone from $50 to now $90/bbl. the downside for equities is that lower oil demand means contracting economy which means less earnings in Q3.

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More Categories

1D1W1M6M1Y5YMax

US 30	33,958.9	-21.4	-0.06%
US 500	4,269.9	-4.1	-0.10%
Dow Jones	33,980.32	-171.69	-0.50%
S&P 500	4,274.04	-31.16	-0.72%
Nasdaq	12,938.12	-164.43	-1.25%
S&P 500 VIX	19.90	+0.21	+1.07%
Dollar Index	106.540	+0.152	+0.14%

Crude Oil WTI	87.56	+0.06	+0.07%
Brent Oil	93.05	+0.71	+0.77%
Natural Gas	9.208	+0.027	+0.29%
Gold	1,778.20	+1.50	+0.08%
Silver	19.735	+0.004	+0.02%
Copper	3.5862	-0.0015	-0.04%
US Soybeans	1,390.00	+9.00	+0.65%

SPDR S&P 500	426.65	-3.05	-0.71%
iShares Russell 2000	197.61	-3.38	-1.68%
Invesco QQQ Trust	328.49	-3.79	-1.14%
Direxion Daily Junior Gold Miners Bull 2X Shares	32.73	-3.16	-8.80%
iShares Silver	18.25	-0.32	-1.72%
ProShares Ultra VIX Short-Term Futures	8.94	-0.04	-0.45%
ProShares UltraPro QQQ	37.30	-1.34	-3.47%

Apple	174.55	+1.52	+0.88%
Alphabet A	119.55	-2.15	-1.77%
Tesla	911.99	-7.70	-0.84%
Amazon.com	142.10	-2.68	-1.85%
Netflix	241.15	-4.54	-1.85%
Meta Platforms	174.85	-4.62	-2.57%
Bank of America	36.41	-0.23	-0.63%

	Interest Rates	Next Meeting
FED	2.50%	Sep 21, 2022
ECB	0.50%	Sep 08, 2022
BOE	1.75%	Sep 15, 2022
SNB	-0.25%	Sep 22, 2022
RBA	1.85%	Sep 06, 2022
BOC	2.50%	Sep 07, 2022
RBNZ	3.00%	Aug 17, 2022
BOJ	-0.10%	Sep 22, 2022
CBR	8.00%	Sep 16, 2022
RBI	5.40%	Sep 30, 2022
PBOC	2.75%
BCB	13.75%	Sep 21, 2022

Oil Lowest Since February Promoting Peak Inflation

Oil

Foreign Exchange

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