European and US markets finished the day very much on the back foot yesterday, after US PPI hit a record high, and came in well above expectations for November.
This unexpectedly hot number caused markets in Europe to give up early gains, as investors suffered a collective bout of heat stroke at this unexpectedly hot reading.
US markets also rolled over led by the Nasdaq 100, however the losses were still fairly modest, even as short-term yields edged their way back up, along with the US dollar, while gold slid back.
In Asia markets the main focus, apart from the Fed meeting later today, is China retail sales and industrial production for November.
The most recent China trade numbers showed a big jump in imports in November helped by inventory rebuilding as well as decent demand around “Singles Day” rising 31.7%, against an expectation of 21.5%. A rebound in coal imports to deal with an energy shortfall as well higher demand for copper also helped boost the data.
This decent performance has built up expectations for the latest retail…
