- FX: The pound was by far the strongest major currency on the day, rising by more than 1.5% against its major rivals. The yen was the weakest major currency in risk-off trade.
- US data: In another sign of a potentially slowing economy, US CPI came in at +1.7% y/y, below the 1.8% reading expected. Core CPI (ex food and energy) came in at 2.4% y/y as expected. That said, initial jobless claims dropped to 210k vs. 219k expected and previous, as the US labor market remains an economic bright spot.
- Commodities: Gold dropped -1% on the day on declining safe haven demand, while oil tacked on more 2% today.
- Energy (NYSE:XLE) was the strongest sector on the day, boosted by the big rally in oil prices. Utilities (NYSE:XLU) were the weakest.
- Utility PG&E (NYSE:PCG) dumped -29% after a judge ruled to allow bondholders to push for the company’s bankruptcy.
- Ra Pharmaceuticals (NASDAQ:RARX) exploded 101% higher after Belgian pharmaceutical company UCB agreed to acquire the company for $2.5B.
- Retailer Bed, Bath, and Beyond (NASDAQ:BBBY) rocketed 21% higher after announcing former Target (NYSE:TGT) executive Mark Tritton as CEO.
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