- Wall Street indices launched today's cash session little changed, but managed to catch a bid later on and now are trading slightly higher. S&P 500, Dow Jones, Nasdaq and small-cap Russell 2000 all gain around 0.2% at press time
- Gold caught a bid in the early afternoon and rallied to fresh all-time highs. Gold is trading over 1.5% higher at press time and is testing $2,500 per ounce area
- Gains on gold market are driven by expectations of imminent launch of Fed easing cycle, with the first rate cut coming at September meeting
- European stock market indices traded mostly higher today. German DAX gained 0.8%, UK FTSE 100 dropped 0.4%, French CAC40 added 0.35% and Spanish Ibex jumped 0.6%
- US building permits declined 4.0% MoM in July to 1396k (exp. 1425k), while housing starts dropped 6.8% MoM to 1238k (exp. 1333k)
- Flash data for August from University of Michigan showed headline Consumer Sentiment index jumping from 66.4 to 67.8 (exp. 66.9), driven by Expectations subindex jumping from 68.8 to 72.1 (exp. 68.5). Current conditions subindex dropped from 62.7 to 60.9 (exp. 63.1)
- University of Michigan short-term and long-term inflation expectations remained unchanged at 2.9% (exp. 2.9%) and 3.0% (exp. 2.9%), respectively
- Atlanta Fed GDPNow estimate for Q3 GDP growth is now 2.0%, down from previous 2.4% reading
- Canadian annualized housing starts for July came in at 279.5k (exp. 245k), up from 241.7k in June
- UK retail sales increased 1.4% YoY in July (exp. 1.6% YoY), following a 0.3% YoY drop in June. On a monthly basis, retail sales increased 0.5% MoM (exp. 0.6% MoM)
- Major cryptocurrencies gain - Bitcoin gains 2.7% and climbs back above $59,000 mark
- Energy commodities drop - oil declines 1.3%, while US natural gas prices plunge 3.5%
- Precious metals trading mixed - gold gains 1.6%, silver jumps 1.5%, platinum drops 0.1% and palladium trades 0.5% lower
- JPY and NZD are the best performing major currencies, while USD and CAD lag the most
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.
