- On Tuesday, stocks and US futures traded in a range as caution prevailed on international markets ahead of the Federal Reserve's interest rate hike and as EU nations came to a political deal to reduce their gas consumption.
- While retailers and banks declined as a result of poor results, European energy and mining stocks rose oversupply concerns. In addition to Walmart's decline in US premarket trading following its surprise warning and Alibaba increases due to intentions to pursue a primary listing in Hong Kong, UBS group had a more than 6% decline after reporting a weaker-than-expected profit.
- In an effort to combat inflation, traders are preparing for a widely anticipated 75 basis point Fed rate increase on Wednesday as well as corporate reports from companies like Apple and Alphabet EU nations decided on Tuesday to reduce their gas consumption by 15% during the winter as the likelihood of a complete cutoff from Russian supplies increases.
- Due to indicators of tightness, the price of commodities has risen sharply. European natural gas has reached its highest level in more than four months, and the price of crude oil and copper has also increased. Treasury yields decreased while the dollar index increased.
- EU countries agree to reduce gas use for next winter.
- EU Energy Chief Simson: Expect EU political agreement at end of the day on EU regulation to curb gas demand.
