- Before NVIDIA’s earnings release, S&P 500 futures are rising slightly by about 0.1%. NVIDIA, as a key market player, is trading near historical highs, with its market capitalization accounting for over 8% of the index’s value. The market expects solid results, although due to export restrictions to China, sentiment remains cautious. Increased volatility is anticipated following the earnings report, which could impact the broader indices.
- The GfK consumer sentiment index in Germany fell to -23.6, worse than analysts’ forecasts. The main cause is growing uncertainty related to the labor market situation.
- In Switzerland, the ZEW expectations index recorded its largest drop since November 2022, reaching -53.8. This result reflects a significant deterioration in economic sentiment in Switzerland.
- In Europe, the DE40 index declined by 0.4%, marking another day of weakness. The ITA40, EU50, and UK100 indices also fell by 1.03%, 0.22%, and 0.48%, respectively. Political uncertainty in France, linked to a possible vote of no confidence and budget delays, is further weighing on the markets.
- Chinese indices declined, with HK.cash losing 2% and moving away from 10-year highs amid growing concerns about excessive speculation and potential regulatory actions. Sinolink Securities tightened market conditions by raising margin requirements to 100% for new contracts to limit overheating risks.
- Signs of FOMO (Fear of Missing Out) are appearing on the market, with new brokerage accounts increasing by 71% year-on-year in July, and trading volumes on mainland exchanges reaching 3.1 trillion yuan. Consequently, some ETFs have introduced daily subscription limits, even as low as 100 yuan.
- Authorities in Beijing continue cooling measures, imposing restrictions on short selling and raising collateral requirements, echoing actions taken in 2023–2024.
- The Polish stock market is experiencing sharp declines, erasing all gains made since the beginning of the year.
- Royal Bank of Canada’s results significantly exceeded analysts’ expectations, leading to a positive market reaction. The bank reported strong profit growth driven by lower loan loss provisions and solid performance in wealth management and capital markets segments. Capital markets revenues rose by 13%, and wealth management increased by 15% year-on-year. The global markets segment stood out even more, posting a 37% revenue increase in Q3, fueled by market volatility.
- Crude oil inventories fell by 2.4 million barrels, compared to the expected decline of 2.0 million barrels. Gasoline stocks decreased by 1.2 million barrels, while a 2.5 million barrel drop was forecast. Distillate inventories fell by 1.786 million barrels, contrary to the expected increase of 1.1 million barrels. Despite a 2 percentage point drop in refinery utilization compared to the previous week, inventories continue to decline. Following these data releases, oil prices continued to rebound, approaching $64 per barrel.
- Bitcoin is rising today, reaching approximately $112,277. Ethereum is also up, trading around $4,627. Both cryptocurrencies reflect positive sentiment.
- Natural gas futures gained 2% today after the release of the latest weather forecasts.
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