Close: London Session | Forex, Metals, Oil, Agriculture October 13, 2022

Upbeat futures US futures traded around session highs and the dollar fell ahead of the much-anticipated CPI data later Thursday.

Gold and oil rose, while Bitcoin fell.

After Covid, the 2021 rebound in coal, gas and oil consumption was massive, leading to the biggest one-year increase in primary energy on record. We can study it using data from oil supermajor BP Plc, which keeps statistics on primary energy consumption back to 1965. We can clearly see the impact of the two oil price shocks of the 1970s, the financial crisis and Covid-19. The only other decline that significant in the past five decades was after the second oil crisis, from 1979 to 1983.

But even a number outside expectations probably won’t move the Fed from hiking 75 basis points in November, Bloomberg Intelligence argues. Initial jobless claims and continuing claims round out the US docket on a crucial day for markets. Global Headlines Marching apart | When Xi Jinping addressed the last Communist Party congress in 2017, prominent voices in both the US and China still favored engagement. There s a new, growing demographic among gun owners in the US.
Omicron-targeted Covid boosters are now approved in the US for children as young as five. Aduhelm wasapproved in the US in 2021 despite controversy. The US ambassador to Japan said there s an opportunity for American allies. Futures contracts on the S&P 500 and Dow were up 0.5% as of 5:50 a.m. in New York, while those on the Nasdaq 100 gained 0.3%.

The actions, which have incensed Beijing, threaten to disrupt a global economy already dealing with a potential global recession, soaring inflation and lingering supply snarls. About two dozen police patrolled a busy Beijing intersection today after photos and videos circulated of a rare protest against Xi.

The mess just got worse.The only thing that worked was Mario Draghi stepping and saying that the ECB would offer contingent support for the bond market.