Markets pared risk aversion in the final session of the week. While August U.S. inflation figures reinforced market-implied odds of a Fed rate hike as soon as this week (to 88% from 72% on Thursday), stock markets closed higher across Europe and the U.S. as oil and gas retreated from their weekly highs. U.S. headline inflation stabilized at 3.4% yoy in August (0.4% mom), while core inflation nudged down to 2.4% (0.3% mom, a slight upside surprise relative to consensus expectations). Sovereign yields rose in the U.S. and declined in the euro area, while the dollar was broadly steady and the euro continued to fluctuate around $1.16.
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