- U.S. indices extended gains today, although they gave back part of them in the latter half of the session. The US500 is flat with just over two hours left before the close, the US100 is down around 0.1%, while the US200 is up more than 1%.
- Strong gains were seen during the Asian session, particularly in the index of China’s largest companies and the Hong Kong market. European markets posted more limited increases.
- One notable move was an over 18% drop in CoreWeave’s share price. The AI infrastructure (GPU) specialist reported sharply higher revenues, but net profit unexpectedly declined. Morgan Stanley issued an Equalweight rating with a price target of USD 91—nearly 30% below today’s market price.
- The U.S. dollar continues to weaken amid rising expectations for interest rate cuts in the U.S., with EURUSD climbing above 1.1700. Donald Trump and Scott Bessent again stressed the need for rate cuts, with Trump suggesting rates should fall to 1% and Bessent advocating a cut of around 1.5 percentage points from current levels.
- Silver prices rose to USD 38.5 per ounce, up more than 1.5%, supported by moderate gains in gold and a weaker dollar, as traders increasingly expect U.S. rate cuts.
- Poland’s GDP grew 3.4% y/y in line with market expectations, accelerating from 3.2%. On a quarterly basis, the economy expanded by 0.8% q/q, slightly below forecasts. The government’s growth target of 3.7% for this year could help reduce the fiscal deficit below 6.0%.
- German inflation matched the preliminary July reading of 2.0%, while Spanish inflation rose to 2.7% y/y, lowering the odds of further ECB rate cuts this year.
- Oil prices continued to fall ahead of Friday’s meeting between Trump and Putin. U.S. DOE data showed crude inventories rising by 3 million barrels, well above forecasts, pushing WTI crude below key support.
- Henry Hub natural gas futures (NATGAS) rebounded nearly 2% after recent declines, supported by steady, high U.S. inventories (around 3,100 bcf) and the coldest August in eight years. A developing Atlantic hurricane could further cool temperatures along the U.S. East Coast.
- Chinese stocks are performing strongly on U.S. markets, with Alibaba ADRs (BABA.US) gaining over 3%. HSCEI futures are up more than 2.5%, driven by an improving U.S.-China relationship outlook and expectations of recovering Chinese demand.
- Ethereum is up over 2% to USD 4,700, nearing its 2021 bull market highs. Standard Chartered analysts see potential for a rally to USD 7,500 this year, partly on higher settlement volumes on the Ethereum blockchain. Bitcoin remains consolidated around USD 120,000.
- Trump signaled that the upcoming Alaska summit with Putin will not address possible territorial concessions by Ukraine, noting such matters could be discussed at a future summit involving Ukraine. He also said he plans to nominate a new Fed chair soon, with 3–4 candidates currently under consideration.
- After today’s Wall Street close, Cisco will report quarterly results, while during the Asian session, Australia’s labor market data will be released.
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
