Prices rose by 3.6% in the year to June, the steepest rise in inflation since January 2024, the Office for National Statistics (ONS) said. That marks a significant rise from the 3.4% rate in May. The rate at which prices rise matters to shoppers, whose money doesn't go as far if goods and services are becoming rapidly more expensive.

Cooling inflation in India and tariff-induced price pressures in the U.S. are cementing a downward bias on dollar-rupee forward premiums, according to analysts.

UK inflation unexpectedly rose to its highest level since January 2024 as food prices jumped, keeping some pressure on the Bank of England as it looks to continue dialing down interest rates.

It's a trove of information for portfolio managers and macro-watchers to gauge, and trade policy news headlines are likely to continue breaking. On July 9, President Trump announced a surprise 50% levy on copper imports, followed by a steep 50% duty on Brazil. 1 Together, it put the materials sector in focus.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

Stock futures were falling early Wednesday as inflation fears kept markets under pressure despite cooler-than-expected consumer price index data and strong bank earnings. There will be more of both this morning as Goldman Sachs,

In the bond market, the U.S. 10-year Treasury yield was down less than 1 basis point to 4.49%. Germany's 10-year yield was up 1 basis point to 2.72%. UK's 10-year yield was up 4 basis points to 4.67%, its highest in six weeks, after June inflation came in above expectations at 3.6%.

The inflation data is top of the pile this morning, the first of two important data releases in two days for the UK. It’s on the slate at 7 a.m. Headline CPI is seen sticking at 3.4% for June, the same as in May.