• Are Inflation Trends Indicating Lower Probabilities of a Rate Hike?
• How Is the Israel-Hamas Conflict Impacting Oil Prices?
• Why Did Birkenstock Experience an Underwhelming Market Debut?
Opening price as of 10/12/2023 compared to last close
IN THE HEADLINES
September CPI forecast to show inflation trends moderating
The likelihood of a rate hike by the Federal Reserve on November 1 has diminished significantly due to a recent surge in the 10-year Treasury yield, according to Fed policymakers. Meanwhile, the latest producer price index data brought positive news for the Fed's primary inflation gauge, the core PCE price index. Decreases in airfares and portfolio management service fees, along with modest healthcare services inflation, were observed. The markets are now pricing in only a 9% probability of a rate hike in November and a reduced 28% chance of one by December 13. Read more
Israel-Hamas war causes spike in oil prices
Oil prices have surged amid concerns that the Israel-Hamas conflict could escalate and potentially disrupt the oil-producing Gulf region, impacting global oil output. The Brent crude benchmark increased by nearly 5% on Monday, partially reversing recent declines. The broader impact of the conflict on oil prices remains uncertain, as it would require the conflict to spread to the wider Middle East. The situation is closely monitored by global energy markets, with particular concern regarding Iran, a key player in the region. Crude oil price increases could affect various products, and the prolonged high oil prices could complicate the Federal Reserve's efforts to manage inflation and avoid a recession. Read more
Birkenstock stumbles in underwhelming U.S. market debut
Birkenstock's stock closed more than 12% below its IPO price on its Wall Street debut, signaling investor caution about new listings. The 250-year-old German sandal maker's shares started trading at $41, below the IPO price of $46, which had raised $1.48 billion. This marks the worst debut by a company worth over $1 billion in nearly two years. The weak performance follows recent high-profile market debuts of other companies like Arm Holdings, Instacart, and Klaviyo, all of which have seen their shares decline after listing, reflecting subdued investor demand and concerns about inflated valuations. Read more
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