US PPI data later today to set the tone ahead of North American trading
Yesterday, we got one of the hottest CPI reports in years and the inflation debate will continue on today with the release of US PPI data for April.

It is a pivotal time for Bitcoin as Elon Musk puts a stop to his crusade
In case you missed the overnight news:

The sour mood from yesterday continues to persist
European indices are down by roughly 2% across the board now as the selling in equities intensifies and that is also exacerbated by a drop in US futures as well.

WTI up 80-cents to $66.09 today
US consumers in the southeast are stocking up on gasoline supplies however they can and that’s leading to stations running out of gas.

What is the market anticipating ahead of the US CPI data later?
The market is gearing up for what it expects to be a blockbuster US CPI report later today but really, will it tell us anything that we don’t already know? I don’t think so.

As confirmed by EU economy commissioner, Paolo Gentiloni
Well, it wasn’t to say that they were ever that effective in the first place.

Latest data released by Eurostat – 12 May 2021
The jumps in production of non-durable consumer goods (1.9%), energy (1.2%) and intermediate goods (0.6%) were offset by falls in capital goods production (1.0%) and durable goods (1.2%) during the month of March.

Reuters reports, citing a government source on the matter
The source says that the German cabinet has approved plans today to allow for people who have been fully-vaccinated against COVID-19 or recovered from the disease to enter the country without having to undergo the quarantine procedure.

The Nasdaq faces a key technical challenge today
The drop yesterday already sees price fall to test its 100-day moving average (red line) and given how futures are pointing downwards by another 1.3% currently, it looks like the open is going to be an ugly one for the Nasdaq.

European indices are down by over 2% currently
The term ’selloff‘ is one that is used quite frequently these days but as major stock indices reach record highs and fall off, I’d much prefer the term ‚pullback‘.