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The Trader: Markets look for direction ahead of ECB, US inflation

Markets have a sense of drift about them as traders await inflation signals
The Trader: Markets look for direction ahead of ECB, US inflation


  • Markets are in a holding pattern as more inflation data incoming
  • Bond markets are sanguine right now
  • Has London's IPO market peaked?

European stock markets were again lacking direction ahead of today’s closely awaited ECB meeting and a hotly anticipated inflation reading from the US. The FTSE 100 trades a little higher, the DAX a little lower. Wall Street closed lower with the major indices holding to well-worn ranges. The S&P 500 down 0.4 per cent to 4,219.55 but remains just a few points below its all-time high of 4,238.04 set on 7 May.  

Meme stocks attracted the most interest as Clean Energy Fuels – the fourth most talked about stock on the /Wallstreetbets thread yesterday – rallied 31 per cent. AMC fell 10 per cent and Clover Health dropped 23 per cent after a monster rally in the previous session. Today’s most-discussed stocks include WISH, CLF, WKHS, AMC and TLRY. Read Oliver Telling's account of what happened when he invested in meme stocks on a fake market. 

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