US inflation failed to provoke much volatility this afternoon, while oil prices have fallen back from their recent highs, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Stocks quiet after US inflation data
“The key event of the week is out of the way, but after their leap higher over the past week stocks look a little exhausted. US inflation still seems to be moving in the right direction, and investors seem happy to shrug off the monthly rise given that the annual figure declined. But there is a sense of ‘where do we go from here?’ now. Having recouped so much of their recent losses so quickly, equities are now bereft of a catalyst in the short-term.”
Oil prices fall back
“A similar situation prevail in oil prices. Having rallied hard over the last week they now look becalmed. A cyber attack on Iran this afternoon seems oddly-well timed as we await developments in the region, though the commentary from officials seems to suggest that Tehran is chary about provoking a full-scale war in the region.”
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