Analyst
European stocks rose, led by miners such as Anglo American, as iron ore surged for the fifth consecutive day due to speculation that Chinese steel mills might increase output. Iron ore has spiked 12% since last week.
US equities rose by a bit over 0.3% yesterday, with keen anticipation surrounding Nvidia's earnings results and more importantly revenue forecast. The chipmaker is central to this year’s AI hype, and any movement in its stock price, which recently hit an all-time high, could have broader US 500 / US 100 implications given Nvidia accounts for over 3% of the index (more than 4.6% of the US 100). The index remains unchanged in pre-market trading.
Asian equities showed mixed results with Baidu surging over 5% after a substantial revenue leap, but mainland Chinese stocks felt pressure despite tech giants' earnings recovery. Chinese stocks dropped 0.55% amidst economic uncertainties.
Major US indices remain unchanged after gains early in the week. The US 500’s recent drop was influenced by banks after S&P Global Ratings and Moody’s Investors Service downgraded some US lenders.
All eyes are on the earnings reports of several technology companies, first and foremost Nvidia, where we have benefited strongly in anticipation of pre-buy (before Earnings Report).
Investors globally are awaiting Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium for cues on interest rates. The Fed had previously lifted rates to between 5.25% to 5.5%, a 22-year peak. Investors also await US PMI figures for August due later today (13:45 UTC+0).
German and French PMI disappointed with in particular services coming in well below expectations.
US Treasuries saw gains, with 10-year yields rising for a 2nd consecutive day. A robust US economy has led investors to anticipate maintained high borrowing costs from the Fed.
Oil prices witnessed a minor dip, impacted by concerns over potential rate hikes and the situation in China.
Gold hovered around the $1,900 mark, with investors on standby ahead of the Jackson Hole symposium.
Key events today:
EU HCOB Manufacturing, Services, & Composite PMI (flash) - 07:15 UTC+0 (released)
EU HCOB Manufacturing, Services, & Composite PMI (flash) - 07:30 UTC+0 (released)
EU HCOB Manufacturing, Services, & Composite PMI (flash) - 08:00 UTC+0 (released)
GB S&P Global/CIPS Manufacturing, Services, and Composite PMI (flash) - 08:30 UTC+0
US S&P Global Manufacturing, Services, and Composite PMI (flash) - 13:45 UTC+0
EU Consumer Confidence (flash) - 14:00 UTC+0
US EIA Crude Oil Stock Change - 14:30 UTC+0
When I joined the Rally family, I had zero knowledge about forex. I attended their seminars and lectures and it was a thorough and quality experience. Talking about my success in forex , it’s a steady process , I’ve enjoyed lots of profits and a few losses. I’m grateful for the rally trade foundation I have, I look to grow from under the wings of Rally.
Kobi
I was told I could make money in my comfort zone, then I thought; “this could actually happen in my dreams”. But guess what, I made money and I’m still making money in my comfort zone with RALLY TRADE. To my account manager OLUWASEUN: thank you for keeping to your words and for being nice at the same time, thank you for having my back, you’re the best.To RALLYTRADE: thank you for this opportunity and for letting me know I could do more and better with myself..
Ebere Uzodinma
I am so much impressed not by anybody's action or motivation to pronounce my encounter with rally trade company. I would love to say this company has done so much in my life; personally. I listen to a radio station programme about a seminar/training on how to trade forex, I planned to attend though I don't believe it will work for me. After the training I got a call from one of Rally trade staff, in person of Tamuno who done so much to convince me to go in for the trade. This young girl have been so impacting since I stated the trade and she has never for once ignore my request for support and advice; I so much appreciate you...
Oluwatuyi Timileyin Samuel
THANK YOU, THANK YOU, THANK YOU Rally trade team for the excellent work you are doing. I recommend rally trade for anyone who want to profitably trade Forex on a consistent basis.
Oluwaseun Kayode
I have been with rally trade broker for one year now, they are reliable broker and they have excellent performance in term of training, customer service and prompt payment of profit withdrawal. Morealso, i am also beneficiary of one of their partner program (introducing broker) which I have been receiving payment for monthly commission on it. I recommend Rally trade to d prospective individual and company that intend to trade in forex . Thanks to Rally Trade
Adefuwa Ayodele