- Wall Street indices closed yesterday's session with gains, with the Nasdaq gaining more than 1% driven by gains in technology companies. The S&P 500 and Dow Jones gained 0.67% and 0.25%, respectively, indicating that while investors are accumulating 'tech stocks, they are uncertain about the future health of many cyclical and conventional industries
- Morgan Stanley analysts indicated that Tesla's 'Dojo' supercomputer could raise the company's valuation to $500 billion. Qualcomm gained strongly after extending partnership with Apple
- The mood of Asia-Pacific markets during today's session is mixed - the Nikkei rose 0.68%, the Kospi lost 0.61%, indexes in China closed slightly below the bar, the Hang Seng lost 0.15% but on futures we are already seeing slight increases
- European index futures point to a slightly lower opening of the session on the Old Continent
- Dutch CPI inflation was 3% vs. 4.6% previously, with 0.4% m/m growth vs. 1% previously
- Austarian consumer sentiment fell again, down 1.5% y/y vs. 0.5% previously. The NAB Investor Confidence Index came in at 2, flat vs. previous data but the Business Expectations Index rose from 10 to 13 points
- JP Morgan CEO Jaimie Dimon expressed confidence that the economy could face bigger problems than many assume at the moment;
- The New York Fed's survey for August indicated expectations of home price growth at a record high since July 2022, although respondents indicated that credit availability is clearly more difficult.
- U.S. inflation expectations, at a 3-year horizon, fell to 2.8% vs. 2.9% previously. 5-year inflation expectations rose by 0.1%, indicating 3% vs. 2.9% in July
- Following yesterday's news of strengthening US-Vietnam trade cooperation, Secretary Raimondo discussed mutual trade policy with Japanese representatives. This information complemented the message of recent days, which points to a continuing crisis between Washington and Beijing
- The U.S. Dollar Index (USDIDX) is up again today, supported by rising yields while the EURUSD fell - despite comments from the CEO of Barclays, who expressed confidence that the Fed is at the end of its policy tightening.
- Brent and WTI crude oil is currently gaining in the range of 0.3 to 0.4% with a small 0.15% gain in natural gas contracts
- In the forex market, higher volatility is being recorded for the USDNOK, with the pair rising nearly 0.35%
- Precious metals are trading flat, with gold still around $1,920 per ounce
- The cryptocurrency market is seeing a slight improvement in sentiment after yesterday's sell-offs, which mainly affected altcoins. Bitcoin invariably costs $25,700 and extends the period of drying volatility again
Although EURUSD has attempted to rebound from recent declines, it is still trading below the uptrend channel and key moving averages, potentially pointing to a baseline scenario of further weakness for the European currency in the medium term - until the bulls reach levels above 1.08 again. Source: xStation 5
