- Wall Street indices in the red - S&P500 trades 1.7% lower, DJIA loses 1.1%, Nasdaq and small-cap Russell 2000 plunge by 2.7%.
- ISM Manufacturing data came in short compared to the estimates (Actual: 47.2, Estimate: 47.5, Previous: 46.8). Prices Paid index rose to 54 (Estimate: 52, Previous: 52.9), New Orders contracted to 44.6 (Previous: 47.4) and Employment scored at 46 (Previous: 43.4).
- Semiconductor sales under seasonal trends, according to SIM. Philadelphia Semiconductor Index loses 6.9%. Nvidia at its lowest since mid-August (-6.9%). Intel's ephemeral upward momentum wears out entirely (-6.8%).
- European stock markets continue their decline from yesterday: German DAX40 contracted by 1.1%, French CAC40 lost 0.9%, UK’s FTSE100 dropped by 1%.
- Swiss GDP has grown more than expected in Q2 2024 (Actual: 1.8%, Estimate: 1.4%, Previous: 0.6%, YoY), whilst CPI turned out lower than expected (Actual: 1.1%, Estimate: 1.2%, Previous: 1.3%)
- Energy commodities also in red, with OIL.WTI plummeting the most (-5%), as a result of speculation around production cuts in OPEC+. NATGAS loses around 0.2%.
- Cryptocurrencies in decline: Bitcoin loses 2.2%, Etherum plunges by 4% and Dogecoin trades 1.2% lower.
- Precious metals join the seasonal fall as well: Gold retracts by 0.3%, Silver loses 1.75%, Platinum is 2.05% short and Palladium plunges by 4.4%.
- EURUSD hit its lowest since August 19th, following cooling expectations of aggressive 50 bp interest rate cuts in September.
- Swiss Franc depreciates against USD. Strong GDP and sluggish inflation might encourage further rate cuts in Switzerland, driving the dollar up.
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