- The Nasdaq 100 dropped as much as 1.4% yesterday, marking its second-steepest fall since April’s tariff surprise, with Nvidia leading the slide. The weakness in megacaps overshadowed gains across more than 350 S&P 500 names.
- Today, sentiments on Wall Street futures market are also weaker, with US100, US500 and US30 losing 0.3% to 0.4%
- Not only United States, but also European sentiments are mixed, with futures on all big benchmarks such as DE40 or UK100 falling slightly. Markets await US FOMC minutes (6 PM GMT) and final Eurozone inflation data (9 AM GMT) but also on Fed members Waller and Bostic remarks.
- PBoC decided to hold rates unchanged at 3.5% level, in line with market expectations. Futures on Chinese benchmarks HK.cash and CHN.cash gain almost 0.5% today.
- EURUSD loses almost 0.1% and on the forex market, the most volatile pair today is NZDUSD, which falls 1% after RBNZ cutted rates to 3-year low, signalling that more policy easing is coming. 'Kiwi' weakens today.
- In bonds, US treasuries gained ground ahead of scheduled on Friday (Jackson Hole) Fed Chair Powell’s Jackson Hole speech, pushing the 10-year yield down three basis points to 4.31%.
- S&P Global Ratings noted that revenue from tariffs could help soften the blow of tax cuts and protect the country’s credit grade.
- Oil gains 0.5% today, after yesterday, weak session and US API report came in -2.4M barrels vs -1.2M exp. and 1.5M previously. The gasoline stocks fell by 1M vs 1.8M previously. NATGAS loses almost 0.5%.
- Bitcoin tries to stabilize after yesterday sell-off, nearing 113,600 USD, but broader crypto sentiments are still weak with Ethereum price at 4180 USD vs more than 4700 USD few days ago. Volatility across precious and industrial metals is low in the morning.
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