Market Briefing: Directionless Markets Await Inflation Data
Equity futures are set for a weaker open, yields are higher, and exchange rates are milling about in a confused manner as liquidity ebbs ahead of tomorrow’s consumer price data. The dollar continues to unwind Friday’s gains. Oil prices are ratcheting higher after a report said Ukraine’s Ukrtransnafta last week halted flows across the Druzhba 1 pipeline that delivers Russian crude to Europe. A Bloomberg article quoted a Transneft spokesperson who said sanctions were preventing the payment of a transit fee to the pipeline’s operator. The West Texas Intermediate and Brent benchmarks are up roughly 1 percent each, but the...