Investing.com - Here are the top five things you need to know today in financial markets:
1. Global stocks lower with China, Fed in focus
Asian shares slipped to one-month lows on Tuesday, as a fresh batch of Chinese data added to the uncertainty from a looming rate hike in the U.S.
In Europe, equity markets traded lower as the negative lead set in Asia overnight dampened the mood.
Meanwhile, U.S. stock futures were down 0.3%, suggesting a weaker opening on Wall Street later in the day.
The possibility of higher borrowing costs in the U.S. and slower global economic growth haunted riskier assets.
2. Chinese consumer price inflation slowed in October
The National Bureau of Statistics said that consumer prices rose 1.3% last month, below expectations for 1.5% and down from 1.6% in September.
Chinese producer prices declined 5.9% in October, the 44th straight monthly decline and matching the worst reading since October 2009.
The disappointing data reinforced the view that the economy remains in the midst of a gradual slowdown which will require policymakers in Beijing to roll out more measures to boost growth in coming months.
3. Fed speakers in focus
As the Federal Reserve's December meeting looms, speeches from its officials will receive special attention from markets.
Chicago Fed President Charles Evans, who has historically been dovish, is due to take part in a panel discussion about the U.S. government’s debt. The event begins at 5:15PM Eastern Time.
4. IEA warns of slow oil price recovery
The International Energy Agency warned that oil prices are set for a slow recovery. In its World Energy Outlook published earlier, the IEA said that OPEC’s unwillingness to reduce its oil output could help usher in a sustained period of low prices, before recovering to $80 per barrel in 2020.
U.S. crude was last up 10 cents, or 0.23%, at $43.97 a barrel while Brent fell 5 cents, or 0.11%, to $47.87 a barrel.
5. U.S. dollar holds near 7-month peak
The dollar held steady near seven-month highs against the other major currencies on Tuesday, as growing expectations for a December rate hike by the Federal Reserve continued to support the greenback.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.19, not far from Friday’s seven-month highs of 99.29.
Meanwhile, the euro remained under pressure after Reuters reported on Monday that the European Central Bank could cut its deposit rate deeper into negative territory at its December meeting.