Global Markets:
● Asian Stock Markets : Nikkei up 0.55%, Shanghai Composite up 0.70% Hang Seng up 0.69% ASX down 0.18%
● Commodities : Gold at $4,700.74 (0.14%) Silver at $69.260 (0.85%), Brent Oil at 85.30 (-2.27%), WTI Oil at 80.35 (-2.44%)
● Rates : US 10-year yield at 4.637, UK 10-year yield at 4.9944, Germany 10-year yield at 3.2033
News & Data:
● (USD) CB Consumer Confidence 89.4 to 90.3 expected
Markets Update:
Stock futures were little changed Tuesday night as investors awaited key U.S. inflation data and Nvidia’s latest quarterly earnings report. S&P 500 futures were flat, while Nasdaq-100 futures gained nearly 0.1%.
Wall Street closed higher in the previous session, supported by falling Treasury yields and lower oil prices. The S&P 500 rose 0.3%, the Nasdaq Composite gained 0.7%, and the Dow advanced 160.24 points, or 0.3%, marking its third straight positive session.
Asian markets were mixed Wednesday. Japan’s Nikkei 225 fell 0.25%, South Korea’s Kospi declined 0.3%, and Australia’s S&P/ASX 200 gained 0.2%. Hong Kong’s Hang Seng Index rose 0.96%, while China’s CSI 300 added 0.37%.
Investors are focused on Wednesday’s release of the July personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge. Economists expect prices to rise 0.1% monthly and 3.6% annually, compared with June’s 3.7% annual increase.
Bond markets remain closely watched after Treasury yields reached multiyear highs last week. The 10-year yield fell nearly eight basis points Tuesday.
Nvidia will report earnings Wednesday after the closing bell, with analysts expecting $2.09 in earnings per share on $92.28 billion in revenue. Investors are also watching Federal Reserve Chairman Kevin Warsh’s Friday speech at the Jackson Hole symposium for clues about monetary policy and the economic outlook.
Upcoming Events:
● 12:30 PM GMT – USD Core PCE Price Index m/m
● 2:30 PM GMT – USD Crude Oil Inventories
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