Early Morning Call: USD/JPY down as Japan CPI reaches 40-year high
Japan’s core consumer price index (CPI) for October rose 3.6% versus the previous year, higher than expected and at the fastest pace in 40 years.
Indices overview
There is little move for Europe at the start after losses yesterday.
The FTSE 100 dropped back but is still supported by its 200-day simple moving average (SMA) following the Chancellor of the Exchequer, Jeremy Hunt's autumn budget.
The DAX meanwhile remains sidelined amid of hopes that China will soon reopen.
The Nikkei 225 fell 0.11% while the S&P/ASX 200 gained 0.23%. The Hang Seng erased earlier gains to move 0.5% lower, while the Hang Seng Tech index was up 0.2%.
Forex
Watching GBP ahead of retail sales at 07:00 UK.
USD/JPY (大口） down as Japan core consumer price index (CPI) rose 3.6% compared to a year ago, hitting a 40-year high, which economists say is ‘unsustainable’.
Equities
Amazon has started laying off staff as reports suggest another round of job losses will happen next year.
The company told staff this week that workers in some divisions, including services and devices, would no longer have jobs. Some staff were given the option to take a voluntary buy-out as a means of further cutting headcount in addition to the layoffs.
This is amid a worsening economy, which the company says has slowed growth and following its headcount increasing during the pandemic.
Commodities
Oil is under pressure on recession fears.
Brent is below $90 while gold is little changed at two-day lows.
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