to update the market today and see whether the key theme of this new earnings season might just be rising costs, including pay, denting profits across all industries.
With European and U.S. stock futures down over 0.5%, it's fair to say there's palpable uncertainty on that front as other structural forces of this tightening cycle are only gaining strength in these early days of 2022. The dollar is pumped up against rival currencies with benchmark U.S. Treasury yields trading on two-year highs as the Federal Reserve shows signs of being more aggressive in tackling inflation while in Europe, Germany's 10-year bond yield rose above 0% for the first time since May 2019.
Moreover, latest data showed British consumer price rose to 5.4% in December, its highest since March 1992, a level which might encourage the Bank of England to speed up tightening.
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