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US markets closed lower overnight, following the release of key inflation data with core inflation year on year declining to 4.1% in September as markets were expecting. The monthly inflation rate for September fell from a 0.6% rise in August to a 0.4% rise in September which was slightly above what markets were expecting at 0.3% which has reignited fears of further interest rate hikes. The S&P 500 and tech-heavy-Nasdaq closed just over 0.6% lower with the Dow Jones also losing half a percent on Thursday.
US treasury yields rose off the back of released inflation data to 4.70% after hitting its highest peak in 16 years earlier this month.
In terms of US stocks, Walgreens jumped 7% following progress in its cost-cutting plans and lower levels of losses. A potential restriction in oil supply could be on the cards with the ongoing Israel-Hamas war, with geopolitical tension and instability spreading to oil producers in the US.
Over in Europe, markets closed slightly higher on Thursday as they build on positive global momentum this week. The STOXX600 ended the day up 0.1% with oil and gas stocks rising 1.3% each. Travel and leisure stocks were on the losing end, dropping 0.9% as a number of airlines have decided to suspend flights to Israel. The UK’s FTSE 100 ended the day in the green by 0.32%, whilst Germany’s DAX and the French CAC closed 0.23% and 0.37% lower respectively.
Locally yesterday, the ASX 200 closed Thursday 0.04% higher driven by rallies among the financial and real estate sectors which each jumped 0.86%. This was heavily offset by the health sector which closed 4.52% in the red yesterday due to healthcare giant CSL tumbling 6.30%.
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