All markets are awaiting US CPI data as it will provide investors with more indication on the likely path of US interest rates.

FTSE 100 set to open a little lower on today as traders await the US CPI data due out later today (13:30 GMT). The figures should provide investors with more indication to the likely route of US interest rates. Market experts are estimating another 0.75 percentage point increase by the Fed.

Oil prices also moved little this morning remaining at their weekly lows for the same reason. Resurgence in Chinese Covid numbers increased the possibility of new lockdowns un the world’s largest crude importer. 

Earnings seasons is also loading up, with some of the large companies already setting high standards with some of their results as they beat market expectations. For example, Louis Vuitton on Tuesday and PepsiCo yesterday. Investors will be listening to other companies to hear what they say about profit margins, costs and the demand in the near future.  

Some key developments that may affect the markets today:

• The consumer price index (CPI) is due at 13:30 GMT. Experts predict core prices to rise 0.5% in September from August and 6.5% from the prior year. Top line CPI is predicted to increase by 0.2% from August and 8.1% over a year.

• US initial jobless claims data is due at 13:30 GMT. Analysts forecast is 225,000 due to the previous result of 219,000. 

• US crude oil inventories. EIA measures the weekly change in the number of barrels held by US firms. Market forecast is 1.750M compared to a previous reading of 1,456M. Due out at 16:00 GMT

Earnings:

• Taiwan Semiconductor manufacturing  is due to release its earnings report of $1.66 a share on revenue of $19.65 billion. 

• Delta Air Lines Inc is due to report EPS of $1.55 on revenue of $12.9 billion, investors will also wait to hear about flight capacity and travel demand.