- U.S. index futures are trading lower in pre-market activity, with a similarly weaker tone seen in Europe. Cisco shares (CSCO.US) were little changed following earnings results supported by AI, showing an 8% y/y revenue increase and improved margins.
- Today, investors will focus on U.K. GDP and industrial production data (6 AM GMT), eurozone GDP estimates (9 AM GMT), U.S. PPI and jobless claims (12:30 PM GMT), and the change in U.S. natural gas inventories (2:30 GMT). At 8 AM GMT, Norway’s central bank will announce its interest rate decision, with forecasts pointing to rates being held steady at 4.25%.
- The Australian dollar edged higher after labor market data. The unemployment rate came in at 4.2%, in line with forecasts and slightly below the prior 4.3%. Employment rose by 24.5k jobs versus expectations of 25k and a prior gain of 2k, while the participation rate dipped slightly to 67.0% compared with the forecast and previous reading of 67.1%.
- Asian indices were mostly lower, with Nikkei futures and Chinese benchmark futures both retreating by nearly 1%.
- The U.S. dollar is slightly weaker today, while precious metals are seeing modest gains, with gold trading around USD 3,358.
- Natural gas futures are up 0.7%, extending yesterday’s rebound from steep declines. Crude oil is trading slightly lower.
- Sentiment in the cryptocurrency market remains highly optimistic. Ethereum has risen to USD 4,740, nearing all-time highs, while Bitcoin is trading around USD 122,000.
- Yesterday, shares of cryptocurrency exchange Bullish (BLSH.US) nearly doubled on their first trading day after its IPO. The company focuses on serving institutions and large clients in the crypto market.
- Goldman Sachs expects three 25 bp rate cuts in the U.S. this year—in September, October, and December—followed by two additional 25 bp cuts in 2026, bringing the U.S. policy rate to a target range of 3.00–3.25%.
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