Morning wrap (03.09.2024)

• Yesterday's session on the stock markets was characterized by slightly lower volatility due to a banking holiday in the US and Canada. However, this did not prevent indices from Europe from posting moderate intraday gains. 

• Today's session will proceed as normal. At the moment, futures indexes are pointing to a lower opening of the session on the Old Continent and Wall Street, which in part has to do with slightly worse sentiment in Asia. At the moment, the Hang Seng is losing 0.43%, the KOSPI is losing 0.29%, and the Nikkei 225 remains in the zone of previous closes. 

• Today, investors' attention will turn to the ISM manufacturing PMI data from the US. CPI and GDP data readings from Switzerland may also prove interesting.

• Today, companies such as Gitlab or Zscaler will present their quarterly results. 

• The FX market is currently dominated by the Japanese yen. The US dollar is also doing relatively well. In contrast, declines are primarily affecting Antipodean currencies. 

• The precious metals market is currently seeing declines. Silver is losing 0.5%, while palladium and platinum are down nearly 1%. Gold remains below the $2,500 per ounce zone. 

• Natural gas is losing 0.6% after yesterday's slightly larger increases. Crude oil shows no increased volatility this morning.

• China will launch an anti-dumping investigation into Canadian chemical products, yes after Canada imposed 100% tariffs on Chinese electric vehicles last week.

Heatmap of volatility in the FX market today. Source: xStation