- US equity futures rose as investors weighed rising inflation and the threat of a recession against a strong start to the earnings season. The pound dropped after UK inflation rose faster than expected.
- Contracts on the S&P 500 increased by 0.4%, while those on the Nasdaq 100 increased by 0.6%. Netflix Inc. rose in premarket trading in New York after reporting a surge in subscribers. United Airlines Holdings Inc. rose after its quarterly profit exceeded expectations. Tesla is one of the companies reporting earnings on Wednesday. European stocks advanced for the fifth day in a row.
- The pound fell after rising food prices pushed UK inflation back into double digits in September, matching a 40-year high of 10.1% and increasing pressure on the central bank and Liz Truss' government to act. Gilts were generally lower.
- Elsewhere in the market Wednesday, oil prices rose on fears that the European Union's latest sanctions on Russian fuel would exacerbate market tightness, which the US is attempting to alleviate with additional sales. The Biden Administration will announce a plan to release 15 million barrels of emergency oil reserves from the United States on Wednesday in an effort to lower gasoline prices. Gold fell, and Bitcoin fell below $19,300.