What's Happening Today:
- Following a mostly positive session in Asia and a positive tone set in Europe, U.S. based equity futures are pointing to a higher open. UK reported inflation readings earlier today that exceeded expectations both on the CPI and PPI. The month over month reading for the Consumer Price Index(CPI) saw an increase of 0.6% while the previous reading was a negative 0.1%. The year over year figure also rose to 2.9% compared to the prior reading of a 2.6% increase. The Producer Price Index (PPI) indicated an increase of 0.4% on a month over month basis versus the prior reading of an increase of 0.1% on outputs. This is an important indication for global economists as previous months reading were rather tame compared to expectations. This week the U.S. reports CPI and PPI figures.
- Yesterday, the UN security council voted for new sanctions against North Korea. The new sanctions will impose a reduction of gasoline and diesel imports. Possible ICBM launch preparations were circulated across trading desks and social media during intraday trading yesterday.