Markets started the week on the back foot as another crisis in cryptocurrencies and disappointing earnings from Disney undermined sentiment. However, the release of the US inflation report for October on Thursday triggered a dramatic turnaround and stocks posted their biggest one-day gains in more than two years. When the dust settled, the blue-chip S&P 500 and technology focussed Nasdaq indices gained 4.0% and 6.0% respectively over the week.
Hotter than expected inflation has cast a shadow over markets throughout the year with investors fearing that the medicine, higher interest rates, to bring it back down will slow economic activity. However, on Thursday the US inflation report for October gave markets a glimmer of hope that the worst may be behind us and the Federal Reserve, and other central banks, will have room to go a bit easier from here on.
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