Mike Dolan is a look at the day ahead in the U.S. and global markets.
Inflation in the euro zone hit 10% for the first time this month, with an eye-watering 17% rate in the Netherlands, the bloc's fifth largest economy.
The August reading of Federal Reserve's favorite inflation gauge, the PCE index, will be released later on Friday.
None of these are likely to calm the horses.
Almost all major asset groupings were in Q 3 - with the S&P 500 and MSCI's world stock index set for their third consecutive quarterly losses for the first time since the banking crash of 2008 and the US stock index set for their third consecutive quarterly losses for the first time since the banking crash in 2008.
These indices have only recorded three or more negative quarters on two other occasions over the past 35 years - the Great Financial Crash and the Dotcom bust of 2000. For the S&P 500, you have to go back in 1984 for another losing streak of that length.
With financial markets under growing stress and central banks in Japan, Britain and China, intervening in currency and bond markets to suppress mounting volatility, investors will look to the final quarter for some signs of credit squeeze easing.
With rising energy prices and geopolitical tensions with Russia intensifying, Germany has announced a 200 billion euro $194 billion defensive shield to protect companies and households from the impact of soaring energy prices, more than 5% of its national output and likely to require significant additional borrowing.
U.S. Federal ReserveFederal Reserve or Treasury officials seem unfazed by the ructions overseas, with policymakers seemingly intent on pressing ahead with the inflation fight.
Some people put this week's wild swings down to the approaching end of the quarter.
Later on Friday, Fed Vice Chair Lael Brainard spoke.
Wall St futures set for a positive open and both Treasury yields and the dollar were off this week's highs as bond markets calmed as Q 3 limped to a close.
Prime Minister Elizabeth Truss and her finance minister Kwasi Kwarteng will meet the head of Britain's independent fiscal watchdog, whose analysis they previously spurned, in a bid to reassure markets after the chaos caused by planned tax cuts.
Key developments that should give more direction to the U.S. markets later on Thursday:
U.S. Federal ReserveFederal Reserve Vice Chair Lael Brainard, Fed board governor Michelle Bowman, New York Fed President John Williams, Richmond Fed chief Thomas Barkin all speak.
U.S. August Core PCE inflation was 4.7% vs. 4.6% of the final consumer sentiment index of the University of Michigan.