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Stocks Slip as Inflation Fears Realized

EQUITIES
  • Equities markets fell sharply on the back of the largest surprise relative to expectations on record for the US CPI print, which rose 0.8% m/m and 0.9% for the core reading, realizing the market's concern that there will be a material spike in near-term inflation metrics.
  • As such, the heavily sold sectors earlier in the week came under fire again, with consumer discretionary and tech firms the hardest hit. At the other end of the table, banks and financials had a firmer session, with the likes of Citi and Wells Fargo higher by 1%, enjoying the steeper US yield curve.
  • Stock markets remained under pressure after the London close, with the e-mini S&P narrowing the gap with the 50-dma support of 4047.72. This level was last crossed on March 25th, but hasn't closed below since the early March stock weakness.- Consumer discretionary and tech names leading the decline, while bank stocks are holding up well.

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