U.S. Futures Fall Ahead of CPI Report; Oil Prices Rise on Falling Inventories and Stronger Demand
11 Julho 2024 - 7:21AM
IH Market News
U.S. index futures registered a decline in pre-market trading
this Thursday, ahead of the release of an important inflation
report, which could reinforce expectations of an interest rate cut
as early as September.
At 5:39 AM, Dow Jones futures (DOWI:DJI) fell 50 points, or
0.12%. S&P 500 futures retreated 0.11%, and Nasdaq-100 futures
lost 0.10%. The 10-year Treasury yield stood at 4.277%.
In the commodities market, oil prices rose due to a drop in
crude oil inventories following increased refinery processing in
the U.S. and a reduction in gasoline inventories, indicating
stronger demand. West Texas Intermediate crude for August rose
0.16% to $82.23 per barrel. Brent crude for September increased
0.26%, near $85.30 per barrel. The most traded iron ore contract on
the Dalian Commodity Exchange (DCE) rose 0.8% to $113.9 per metric
ton.
On the U.S. economic calendar, the Department of Labor will
release the June Consumer Price Index (CPI) at 08:30 AM. Economists
expect the annual consumer price growth rate to slow to 3.1% in
June, from 3.3% in May, while the annual core consumer price growth
rate is expected to remain at 3.4%. At the same time, data on
unemployment insurance claims for the week ending last Saturday
will also be released.
Asia-Pacific markets mostly rose on Wednesday, except for South
Korea’s Kosdaq, which fell 0.71%. The Kospi increased by 0.81%.
Hong Kong’s Hang Seng saw a rise of 1.96%. Australia’s S&P/ASX
200 climbed 0.93%. In China, the CSI 300 and the Shanghai Composite
rose 1.14% and 1.06%, respectively. Japan’s Nikkei 225 surpassed
the 42,000 mark for the first time, closing up 0.94%.
Annual machinery orders in Japan grew 10.8%, exceeding
expectations, while monthly orders fell 3.2%. In India, Japanese
automaker Toyota Motor (NYSE:TSM) benefited from
tax exemptions in Uttar Pradesh, reducing hybrid car prices by
10%.
European markets are on the rise, driven by consumer goods
stocks, while investors await the U.S. inflation reading. In the
UK, the economy grew 0.4% in May, surpassing the forecast of 0.2%
and recovering from stagnation in April. The pound rose 0.1%
against the dollar, reaching its highest level in four months. Last
week, Goldman Sachs (NYSE:GS) raised its growth
forecast for the UK following the Labour Party’s election
victory.
U.S. stocks saw strong gains throughout Wednesday’s trading
session. The S&P 500 closed up 1.02%, above 5,600 points for
the first time in history, while the Dow Jones and Nasdaq posted
gains of 1.09% and 1.18%, respectively. The rally was driven by the
strength of tech stocks and optimism about interest rates ahead of
the inflation data release. Among individual stocks, the rise in
tech shares was boosted by an unexpected increase in Taiwan
Semiconductor Manufacturing‘s (NYSE:TSM) second-quarter
sales, resulting in a 3.5% increase in the company’s shares.
In quarterly reports, PepsiCo (NASDAQ:PEP),
Delta Air Lines (NYSE:DAL), Conagra
Brands (NYSE:CAG), Bank7 Corporation
(NASDAQ:BSVN), and Methode Electronics (NYSE:MEI)
will report before the market opens.
After the close, numbers from Vista Energy
(NYSE:VIST) will be awaited.
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