- 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.
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