Market-moving data and events

Slower inflation outside of Japan

• US Nov. core CPI came in at 6.0% YoY (vs 6.1% expected) and headline CPI also printed below consensus, at 7.1% YoY (vs 7.3% expected). Aside from Shelter, the main categories of the CPI saw lower growth, with energy contracting MoM.
• UK Nov. CPI surprised to the downside at 10.7% YoY vs 10.9% expected.
• Eurozone Nov. CPI 10.1% YoY vs 10%e.
• Japanese Nov. PPI 9.3% YoY vs 8.9% expected: Japanese inflation continues to accelerate.

Central banks: battle of the hawks between the Fed and the ECB

• The Swiss National Bank, European Central Bank, Bank of England and Fed each hiked rate 50bps to 1%, 2.5%, 3.5%, and 4.5% respectively.
• The ECB announced that it...