The publication of much higher than expected US inflation numbers last week prompted the market to re-evaluate the efficiency of monetary policy, and thus fear longer and higher rate hikes. These fears have also made their way to Japan, England and the EU, where next week, the publication of PMIs and the ZEW review in Germany should confirm or not the trend. On the oil market, prices are falling slightly but positive factors seem to be increasingly winning out. High-frequency indicators confirm that car and air traffic in China is rebounding more strongly than last year, which should of course support oil demand.
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