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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Early Morning Call: US dollar little changed ahead of CPI data

In the US, consumer price index is forecast to rise by 7.3% in November year-on-year, after a 7.7% increase the previous month.

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Equity market overview

Equity markets mostly rose in Asia, after a positive session yesterday in the US.

Indices in Europe showed small gains at the beginning of today’s session.

Central banks

Trading is subdued on the currency market, ahead of the central bank decisions expected this week.

Today the US Federal Reserve (Fed) starts its two-day meeting. The market anticipates the Fed will announce a 50 basis point (bp) hike tomorrow, which would take the target rate to 4.25%-4.5%.

The Bank of England (BoE) and European Central Bank (ECB) are also expected to raise their interest rates by half a percentage point, to 3.5% and 2% respectively.

In Australia, Westpac consumer confidence increased to 80 in December, rising for the first time since September. The index remains close to the 2.5-year low of 78 recorded last month, and in contraction territory (below 100) for the 10th straight month.

NAB business confidence fell to -4 on November, the first time it went below 0 since December 2021.

As expected, the UK unemployment rate rose to 3.7% in October, from 3.6% the previous month. November's claimant count rose by 30,500. Economists expected 3,500.

Later this morning, Germany ZEW economic sentiment is forecast to rise to -26.4 in December, after -36.7 the previous month.

In the US, consumer price index (CPI) is forecast to rise by 7.3% in November year-on-year (YoY), after a 7.7% increase the previous month. Core CPI is expected to increase by 6.5%, unchanged compared to the previous month.

Elsewhere on the equity market, Pepco Group, the owner of discount retailer Poundland, reported a 14.3% rise in its annual core earnings. Revenue rose 17.4% to €4.82 billion, with like-for-like sales up 5.2%.

Gold Fields' Chris Griffith is stepping down as CEO and from the company's Board of Directors. The decision is effective from 31 December 2022.

Oracle Corp posted better-than-expected earnings and revenue in the second quarter (Q2). The group posted earnings of $1.21 per share. Total revenue rose 18.5% to $12.28 billion compared with expectations of $11.95bn.

Oracle benefited from strong demand for its cloud software services and the acquisition of electronic medical records firm Cerner. Acquired earlier this year for over $28 billion, Cerner contributed $1.5 billion to revenue in Q2.

For the third quarter, Oracle forecast revenue to rise between 21% and 23% in constant currency, while analysts expect growth of about 17.4%.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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