Morning Wrap: Markets freeze before Jackson Hole. Bitcoin back below 80K USD (28.08.2026)

📊 Indices and Companies

• Futures on main US indices have slowed significantly and are trading flat (US100: -0.05%; US500: +0.02%) following a fade in volatility generated by Nvidia's earnings (+8.5% yesterday). Stagnation dominates the session for now, with investors holding their breath ahead of the Fed's Jackson Hole symposium, where all attention will focus on comments from Kevin Warsh.

• Sentiment in Asia is mixed and trading volumes are muted as investors await Warsh's speech today. South Korea performed worst in the region (KOSPI: -1.3%) due to waning tech enthusiasm following Nvidia's results (SK Hynix: -1.5%, Samsung: -2.5%). Japan outperformed the region (Nikkei 225: +0.6%), while Chinese markets (Hang Seng and HSCEI: +0.4%) and Australia (S&P/ASX: +0.5%) are also trading slightly in the green.

🌍 Economy and Geopolitics

• Tokyo CPI inflation unexpectedly accelerated to 1.8% YoY in August (previous and consensus: 1.7%), while the core-core index (excluding fresh food and energy) rose to 2.0%. The data reflects slowing food price growth, a broader pass-through of energy costs creating pressure across the economy, and yen weakness. The unemployment rate also fell (from 2.5% to 2.4%). Markets slightly raised expectations for a BOJ interest rate hike in September, with the data supporting recent hawkish comments from BOJ officials.

• A Reuters poll revealed that 27 out of 31 surveyed economists expect a second consecutive rate hike in New Zealand in September (to 2.75%).

• The commander of United States Central Command reported that recognized international transit routes through the Strait of Hormuz have been cleared of Iranian naval mines.

💱 Currencies and Commodities

• On FX, a similar decline in volatility is visible, with movements across most G10 currency pairs not exceeding 0.1%. The exception is the New Zealand dollar (NZDUSD: +0.2%), supported by hawkish expectations among economists. The yen is losing ground despite higher-than-expected inflation (USDJPY: +0.12%). The Dollar Index is adding a modest 0.05%. EURUSD is trading flat at 1.1644.

• Precious metals are giving back most of yesterday's gains. Gold is down 0.5% to $4,580 per ounce, and silver is losing 0.6% to $68.80 per ounce.

• Brent crude futures are pulling back by a modest 0.5% to $88.10 per barrel, while natural gas continues its gains both in Europe (NATGAS.EU: +0.7%) and on NYMEX (NATGAS: +0.3%).

🪙 Crypto

• Crypto markets are experiencing moderate profit-taking ahead of Jackson Hole. Bitcoin is down 0.45%, falling back below $80,000 ($79,930). Ethereum is losing 0.4% to $2,497.