Analysts at ANZ noted the overnight events and price action.
"Some recent correlations in markets broke down overnight with the higher CPI print causing yields to increase, however equites erased a knee-jerk drop to trade higher.
The USD fell and gold spiked.
All eyes were on CPI with a firmer headline and core print driving significant market moves.
US treasuries traded immediately higher and have not retraced. The 2 year is up 6bps to 2.16% and 10 year rose 7bps to 2.90%.
Yield moves in Europe were muted. US equity futures were sharply lower following the CPI print, but quickly rebounded on the open and have trended in positive territory.
S&P is up 0.5%, with Dow relatively unchanged. European bourses rebounded in tow with Euro Stoxx 50 up 0.9% and DAX up 1.2%.
The USD reacted negatively to the data, with NZD leading gains in the G10. Gold spiked on the inflation data, up 1.3% to $1350/oz.
Oil climbed after EIA suggested a smaller inventory build than the bearish API report."
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