Analyst
European stocks saw an uptick of more than 0.5% led by sectors such technology, mining and real estate. This surge follows China's recent commitments to bolster its economy. On the negative side, German consumer confidence continues to decline and came in worse than expectations - it's a strong sign that consumer spending could further slow down in Germany.
In the US, the S&P 500 and Nasdaq 100 futures indicate a further positive trajectory. Despite the week's uplift, global stocks face their toughest month in nearly a year due to strong anti-inflationary stances by policy makers.
Economic reports are becoming pivotal. Last week's remarks from Federal Reserve Chair Jerome Powell at Jackson Hole emphasized readiness to further raise rates if data demands tighter policy. The key focus for investors this week remains on US job figures, inflation data, and PMI readings for both US and China.
The UK equity index saw additional tailwinds as food spending inflation slowed in August. This further eases the pressure on the Bank of England with regard to interest rate hikes.
Asian markets recorded a general increase in stocks of 0.8%. The Hang Seng Index in Hong Kong rose significantly for the second day (+1.93%), and Chinese stocks also performed very well today thanks to the recent support measures of the Chinese authorities. Shares of Chinese EV-maker BYD listed in China jumped more than 5% Tuesday, a day after posting a stellar jump in first half profit.
Japan's employment statistics showed a minor uptick in unemployment rates with the data reflecting a higher-than-expected 2.7% rate. The signifying potential concerns for the Bank of Japan and the government.
Oil prices were mostly stagnant still trying to find additional buying near $80 per barrel. Gold prices remain near $1,920 but continue to see slight support from slightly cooling bond yields.
Key events today:
EUR Gfk Consumer Confidence 06:00 UTC+0 (released)
US House Price Index 13:00 UTC+0
US JOLTs Job Data 14:00 UTC+0
US API Crude Oil Stock Change 20:30 UTC+0
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