- Yesterday's session on Wall Street ended with gains. The Nasdaq and S&P 500 gained more than 0.8%, while the Dow Jones was the strongest performer, closing the session almost 0.96% higher. The debut of chipmaker Arm (ARM.US) was a success, with the company rising nearly 25% in its first session. Today, the main macro readings will be data on US premanufacturing and the University of Michigan consumer index, supplemented by inflation expectations;
- The biggest weekly inflow to US equities since March 2022 ($26.4 bln), and the biggest inflow to large cap stocks since May 2022 ($18.7 bln). Bank of America told that confidence in a soft landing consensus is growing;
- The Asian session was dominated by bulls after the publication of stronger-than-expected macro readings from China's economy. Hangseng, Topic, Nikkei and KOSPI rose in the range of 1.1 to 1.3%;
- China's unemployment was 5.2% at 0.1% below forecasts and 5.3% previously. Retail sales rose 4.6% y/y vs. 3% forecast and 2.5% previously and industrial production also rose 4.5% where a minimal improvement to 3.9% was expected vs. 3.7% previous reading
- Investment in China's metropolitan areas came in slightly below forecasts, where we see 3.2% growth vs. 3.3% estimated and 3.4% in the previous reading for July. New home prices fell slightly by 0.1% - similar to the previous reading;
- In the wake of rising indexes from the US and China, today's futures quotes point to a higher opening for indexes in Europe. Yesterday's conference call by Christine Lagarde of the ECB was received dovishly, with markets expecting the central bank not to raise rates again in the current cycle although they will be kept at 4.25% for an extended period;
- The dollar index is losing nearly 0.5% today after risk appetite returned to the markets. AUD is performing strongly, supported by higher commodity prices and optimism in China. AUDJPY is trading on elevated volatility and has already gained more than 0.4%
- Precious metals are trading mostly higher, with gold gaining 0.4% and silver trading up more than 1.2% after gains in industrial metals yesterday;
- Oil is trading slightly lower, with WTI losing nearly 0.5% and natural gas losing 0.2%
- Cryptocurrencies are trading higher, with Bitcoin clearly benefiting from higher risk appetite and cash flowing away from the US dollar. The price of the major cryptocurrency is currently at $26,600, with the other 'altcoins' also doing relatively well.
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