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Market overview 2023-10-11

12.10.2023

The macroeconomic statistics on the Producer Price Index and statements of the Fed officials that further rate hikes are possible, but only in case of an extraordinary development of events somewhat confused market participants forcing them to take a wait-and-see attitude. Moreover, the so-called "minutes" from the last Fed meeting released yesterday were extremely contradictory, defining risks in the decline in economic growth, rising unemployment and on the background of this expectation of inflationary pressure growth, which is quite difficult to explain. Participants against this background will obviously wait for further clarifications and, of course, corporate reports, which should shed light on the sensitivity of companies to the high level of rates. As for the sectors, the Real Estate and Housing sectors were the leaders, the Energy sector was a clear outsider of the trades.