U.S. index futures fell in premarket trading on Wednesday,
following a steep decline the day before. With September
historically weak for stocks, investors anticipate volatility and
potential buying opportunities.
At 5:01 AM, Dow Jones futures (DOWI:DJI) dropped 89 points, or
0.22%. S&P 500 futures lost 0.36%, and Nasdaq-100 futures fell
0.53%. The 10-year Treasury yield was at 3.821%.
Today’s U.S. economic agenda includes the release of the July
trade deficit at 8:30 AM, expected at $79 billion, up from $73.1
billion previously. At 10:00 AM, the July job openings data is
expected to show 8.1 million, slightly down from 8.18 million the
prior month, and factory orders are forecast to grow by 4.9%,
reversing June’s 3.3% drop. At 2:00 PM, the Fed Beige Book will be
published. August auto sales are expected to be announced at an
unconfirmed time.
In commodities, oil prices fell on Wednesday, extending a more
than 4% drop from the previous day, driven by expectations of a
resolution to Libya’s political dispute that cut production and
exports, and concerns about weak global demand growth.
Additionally, weak economic data from China and the U.S. put
pressure on prices.
West Texas Intermediate crude for October fell 0.53%, to $69.97
a barrel, while Brent for November dropped 0.39%, to $73.46 a
barrel.
Gold (PM:XAUUSD) fell for the fourth consecutive day amid rising
stock purchases and concerns about economic growth. Gold demand may
be impacted by employment data to be released on Friday, which
could influence Federal Reserve policy. Spot gold dropped 0.8% to
$2,473.20 after reaching a record in August.
Asia-Pacific markets saw significant losses on Wednesday.
Japan’s Nikkei 225 and Topix fell 4.24% and 3.65%, respectively.
South Korea’s Kospi and Kosdaq lost 3.15% and 3.76%. Taiwan’s index
led losses, dropping 4.52%. Australia’s S&P/ASX 200 fell 1.88%,
while China’s CSI 300 dipped 0.63%. Hong Kong’s Hang Seng was down
1.26% in the final hour of trading.
Japanese stocks suffered their largest decline since entering a
bear market, driven by weak U.S. industry data, a tech sell-off,
and a stronger yen. Concerns about a potential U.S. recession and
rising borrowing costs in Japan also weighed on the market.
Japan’s service activity remained in expansion in August, with
the PMI stable at 53.7. Despite slowing new business, exports grew
at the fastest pace in three months, supporting the sector. Service
price inflation slowed, and business optimism hit a 19-month
low.
In China, service growth slowed in August, with the PMI falling
to 51.6. While new business continues to expand, the pace has
slowed, and rising costs led to job cuts. Exports grew, driven by
tourism, but cost inflation and falling selling prices pressured
companies.
China plans to tackle imbalances and fragmentation as it
develops new infrastructure to modernize manufacturing. Despite
leading in 5G networks and fiber optics, there are coordination
challenges and regional disparities. The new infrastructure will
support innovative economic growth and strengthen industry,
focusing on advanced sectors like AI and big data. China also seeks
to develop its chip industry to reduce reliance on Western
technologies.
Taiwan accused Chinese companies, including Naura Technology, of
poaching talent and stealing trade secrets, escalating the global
rivalry in the chip sector. The investigation revealed violations
of Taiwanese law, with Naura accused of illegally recruiting chip
equipment engineers.
In Australia, the economy stalled in the second quarter, with
real GDP growing just 0.2%, below the 0.3% expectation. Rising
borrowing costs and persistent inflation pressure consumers, while
government spending drives growth. High inflation and falling
productivity signal that economic recovery will be slow.
In July, Australian households increased spending on essential
services like healthcare, while tax cuts and high inflation and
interest rates strained savings. Overall spending rose 0.8%, but
the annual growth rate slowed to 2.9%. Household deposits increased
by 2.1%.
European markets are down, with all sectors in the red,
following losses in Wall Street and the Asia-Pacific. According to
CNBC, the current sell-off is driven more by technical aspects and
momentum rather than strong economic fundamentals.
Dmytro Kuleba, Ukraine’s Foreign Minister since 2020, submitted
his resignation. The decision will be reviewed by the Ukrainian
Parliament soon. Kuleba, notable for his international coordination
against the Russian invasion, may be replaced as part of a broader
government reshuffle.
The German government plans to sell 3% to 5% of its stake in
Commerzbank AG (TG:CBK), capitalizing on the recent rise in shares,
according to Bloomberg. Currently, Berlin holds about 16.5% of the
bank, valued at approximately €2.5 billion.
Volkswagen (TG:VOW3) is set to meet with workers on Wednesday to
discuss potential factory closures in Germany and the possible end
of the job protection agreement in place since 1994. The workers’
council and the IG Metall union promise fierce resistance to the
plans, which reflect the growing economic challenges facing the
German automotive industry.
U.S. stocks fell sharply on Tuesday. The Dow Jones dropped
626.15 points (1.51%) to 40,936.93, the S&P 500 fell 119.47
points (2.12%) to 5,528.93, and the Nasdaq plummeted 577.33 points
(3.26%) to 17,136.30.
Nvidia’s (NASDAQ:NVDA) shares fell 9.5% on Tuesday, resulting in
a $279 billion loss in market value, due to cooling AI optimism
following weak economic data. The 7.75% drop in the semiconductor
index and the 9% drop in Intel (NASDAQ:INTC) also reflected
concerns about the return of large AI investments.
The sell-off was driven by disappointing economic data,
highlighting the continued contraction in U.S. manufacturing
activity. The manufacturing PMI slightly rose to 47.2 in August, up
from 46.8 in July but remaining below 50, indicating the sector is
still in contraction. Semiconductor, steel, and oil sectors were
particularly hit, with sharp declines in their respective
indexes.
Before the market opens, quarterly reports will be released by
Dick’s Sporting
Goods (NYSE:DKS), Dollar
Tree (NASDAQ:DLTR), Hormel
Foods (NYSE:HRL), Ciena (NYSE:CIEN), Core
& Main (NYSE:CNM), America’s
Car-Mart (NASDAQ:CRMT), Torrid
Holdings (NYSE:CURV), J.Jill (NYSE:JILL), KNOT
Offshore Partners LP (NYSE:KNOP)
and Daktronics (NASDAQ:DAKT).
After the close, reports are expected from
C3.ai (NYSE:AI), Hewlett Packard
Enterprise (NYSE:HPE), ChargePoint (NYSE:CHPT), Casey’s (NASDAQ:CASY), Credo (NASDAQ:CRDO), Sprinklr (NYSE:CXM), Copart (NASDAQ:CPRT), AeroVironment (NASDAQ:AVAV), Verint (NASDAQ:VRNT)
and Concrete Pumping
Holdings (NASDAQ:BBCP).
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