Forex News April 21, 2022

 

Equities

Eurostoxx +0.1%, Germany DAX +0.2%, UK FTSE -0.2% European equities opened little changed.

CAC 40 +0.2% in France & Spain +0.2% for the IBEX.

European stocks had a positive day yesterday, but it’s difficult to gauge the mood in the larger picture because the gains are still being offset by the declines in early April. For example, the DAX is now nearly flat on the month, as the equities market continues to oscillate.

S&P 500 futures are up 0.4 percent, Nasdaq futures are up 0.6 percent, and Dow futures are up 0.3 percent on the day.

Eurozone

Eurozone March final CPI +7.4 percent vs +7.5 percent y/y preliminary & Eurostat’s most recent data – 21 April 2022

The preliminary report can be found here. Despite a slight downward revision, eurozone inflation remains at a record high, rising 2.4 percent month on month.

In the midst of ‘peak inflation’ talk, the focus will gradually shift to month-on-month numbers from now on. That may be more relevant, as whether inflation is at 6% or 7% makes little difference. In either case, it is well above the 2 percent target set by central banks.

Looking at the specifics, the main contributor (up 4.4 percent) is the increase in energy prices, with services (up 1.1 percent), food, alcohol, and tobacco (up 1.1 percent) also contributing.

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