Analyst
Germany's 10-year yield rose by five basis points to 2.56% as inflation indications from North Rhine-Westphalia, Germany's largest state and considered early indicator for German inflation, pointed to an overall rise in German inflation. Investors await the official inflation rate numbers later today (12:00 UTC+0).
Recent US job and consumer-confidence metrics might suggest a halt to the Federal Reserve's tightening. Yesterday's US JOLTs data showed that July witnessed significantly fewer job openings at 8.827M (vs. expected 9.465M), with the previous month's figures revised downward by over 400K jobs (hitting a 2-1/2-year low). This is a positive indication that the labor market is easing up. It's increasingly likely that the Fed will pause rates again in September to wait for more data. More labor market data is due today in the form of the ADP employment change - an often unreliable indicator, but one that may prolong positive sentiment and raise expectations for soft NFP data on Friday.
US equity futures are currently trading flat, even though the US 500 jumped significantly on Tuesday. This rise was caused by optimism surrounding the Federal Reserve's potential pause on interest-rate hikes in the upcoming month. Notably, the US 100 rose by 1.74%, the US 500 by 1.45%, and the US 30 by 0.85%.
In Asia, the MSCI Asia Pacific Index didn't maintain its early gains despite Chinese state-owned banks' reported intentions to cut rates on most current mortgages and deposits. Chinese investors remain cautious ahead of the release of Chinese PMIs data for August later this week, alongside domestic business and consumer confidence.
Oil prices continued their upward trend. Gold prices remained near their three-week peak due to reduced US rate hike expectations which caused a slide in US Treasury yields. Bitcoin surged by over 6% yesterday due to the positive US court ruling on Greyscale's Bitcoin ETF.
Salesforce will report earnings after the close. Salesforce is considered a key software stock and a beneficiary of AI growth. JPMorgan removed Salesforce from its list of top stock picks before the earnings report showing some nervousness about a potential disappointing quarter.
Salesforce will report results after the market closes. Salesforce is considered one of the key software stocks and a beneficiary of AI growth. JPMorgan removed Salesforce from its list of top stock picks ahead of the results announcement, indicating some nervousness about a potentially disappointing quarter.
Key events today:
AUD Inflation Rate / CPI - 07:00 UTC+0 (released)
EUR CPI Data - 08:00 UTC+0 (released)
EU Consumer Confidence, Economic Sentiment - 09:00 UTC+0
EU Inflation Rate - 12:00 UTC+0
US ADP Employment Change - 12:15 UTC+0
US GDP Growth Rate - 12:30 UTC+0
US EIA Crude Oil Stock Change - 14:30 UTC+0
JPY Industrial Production, Retail Sales - 23:50 UTC+0
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