Following a much higher than expected CPI Print, U.S. Equity Markets got slammed across the board led by the 3.76% fall in the NASDAQ 100, in what turned out to be a brutal trading session. The U.S. Bureau of Labour Statistics’ Consumer Price Index data for May jumped 8.6% year over year compared with Wall Street’s projected 8.3% rise and the previous month’s increase of 8.3%. On a month-over-month basis, those same figures gained by 1% versus the estimated 0.7% and April’s rise of 0.3%. This suggests the pace of inflation growth is not slowing. And with these figures, analysts and economists are now wondering how much higher costs will rise on top of the metrics we’ve seen over the past year. In turn, this may force the U.S. Federal Reserve to raise interest rates even faster than Wall Street had initially expected. Within the S&P 500, all 11 sectors finished lower. European Markets closed lower. The International Atomic Energy Agency said Iran was removing surveillance cameras at nuclear facilities, threatening to derail the revival of the 2015 nuclear accord. European Central Bank Governing Council member Francois Villeroy de Galhau said the Central Bank should target interest rates of 1% to 2% as inflation is too high and broad. European Central Bank President Christine Lagarde said it will tighten monetary policy at a gradual pace, leaving the door open for changes in economic activity to slow. Italian Industrial-Production data for April unexpectedly expanded, signalling that Europe’s third-largest economy has remained relatively resilient despite surging energy costs. In Asia, Bank of Korea Governor Rhee Changyong said more interest-rate hikes may hurt the economy near term, but it will negate the damage done by rising inflation long term. Chinese President Xi Jinping said the country must adhere to its Zero-COVID policy to stop infections but encouraged local governments to do all they can to support economic growth. Japanese Producer Price Index growth for May was weaker than anticipated compared with April and is easing as government subsidies soften due to rising energy costs. Chinese Consumer Price Index growth for May was weaker than expected, holding steady with April, and leaving room for central-bank stimulus. Elsewhere, Oil fell a further 1% on weak Chinese demand, while Gold rose 1.1% on little news.

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For anyone following my Platinum Service it lost 598 points on Friday and is now ahead by 1083 points for June after making 3651 points in May, having made 762 points in April, following a gain of 5883 points in March. The Platinum Service made an impressive 5324 points in February, after ending January with a gain of 3878 points, more than making up for December’s 932 points loss. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification 

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