U.S. stock index futures are little changed in pre-market
trading on Wednesday after a strong recovery in stocks on Tuesday.
The indices surpassed the levels seen on August 2, prior to the
global sell-off on August 5. The rapid recovery has prompted
caution among analysts, and today’s CPI report could influence the
market, while concerns about weakening labor markets persist.
As of 05:17 AM ET, Dow Jones futures (DOWI:DJI) rose 46 points
or 0.12%. S&P 500 futures are nearly flat, and Nasdaq-100
futures declined 0.12%. The 10-year Treasury yield stood at
3.85%.
In the commodities market, oil prices edged higher due to a drop
in U.S. crude and gasoline inventories and tension in the Middle
East. The escalating conflict between Israel and Gaza and a
potential response from Iran to the assassination of a Hamas
official are generating uncertainty about global oil supply.
West Texas Intermediate crude for September rose 0.65% to $78.87
per barrel, while Brent for October climbed 0.64% to $81.21 per
barrel.
The U.S. economic calendar for Wednesday includes the release of
the July Consumer Price Index (CPI), expected to rise 0.2%, in
contrast to the 0.1% decline in the previous period. The annual CPI
is expected to remain stable at 3.0%. The July Core CPI is also
expected to rise by 0.2%, slightly above the previous 0.1%, while
the annual Core CPI is expected to decrease from 3.3% to 3.2%.
Asia-Pacific markets closed mixed on Wednesday. The Reserve Bank
of New Zealand cut its interest rate for the first time since March
2020, lowering it to 5.25%, surprising the market and weakening the
New Zealand dollar. The decision, motivated by inflation nearing
its target, signals possible further cuts.
Japan’s Nikkei 225 rose 0.58%, ending at 36,442.43, and the
Topix advanced 1.11% to 2,581.9, both posting gains for the third
consecutive day.
In August, Japanese manufacturers were less confident, with the
sentiment index dropping to +10, impacted by weak demand from China
and the recent interest rate hike by the Bank of Japan. On the
other hand, the service sector saw a slight improvement in
sentiment, reaching +24.
Japanese Prime Minister Fumio Kishida will not seek a second
term, allowing for a new contest for the leadership of the Liberal
Democratic Party. With the LDP dominating parliament, the new
leader will likely become the next prime minister. Kishida cited
frustrations with scandals and economic management as reasons for
his decision.
In South Korea, the Kospi rose 0.88% to 2,644.5, and the Kosdaq
gained 1.56%, closing at 776.83, with the country’s July
unemployment rate falling to 2.5%, the lowest level since October
2023.
Australia saw a modest 0.31% increase in the S&P/ASX 200,
which ended at 7,850.7, while ASX faces legal action for misleading
statements about its CHESS clearing system.
In contrast, Hong Kong’s Hang Seng fell 0.55% near the
close.
Mainland China’s CSI 300 dropped 0.75%, hitting a nearly
seven-month low of 3,309.24. In July, weak economic indicators in
China lowered expectations for 2024 growth, signaling the need for
more stimulus. New bank loans fell, exports slowed, and factory
activity declined. The post-pandemic recovery has not materialized
as expected, and growth may fall short of the 5% target.
European markets are up, driven by cautiously optimistic
sentiment following recent inflation prints from the U.S. and the
UK. In the UK, inflation rose 2.2% in July, below expectations, and
services inflation fell to its lowest level in two years. This
relief could lead the Bank of England to consider a rate cut in
November, though inflation remains a concern.
Additionally, investors are evaluating earnings from major
companies as well as inflation data from France. AstraZeneca
(LSE:AZN) surpassed £200 billion in market value for the first
time, driven by advances in cancer medications, highlighting it as
the most valuable listed company in the UK.
On Tuesday, U.S. stocks closed higher, driven by expectations
that the Federal Reserve might lower interest rates at its next
meeting after the release of lower-than-expected producer price
data. The Dow Jones rose 1.04%, the S&P 500 advanced 1.68%, and
the Nasdaq gained 2.43%, ending the day near session highs.
The U.S. Department of Labor report showed that the Producer
Price Index (PPI) rose 0.1% in July, in line with economists’
expectations, after a 0.2% increase in June. The annual growth rate
slowed to 2.2%.
On the earnings front, UBS
Group (NYSE:UBS), (BOV:UBSG34), Brinker
International (NYSE:EAT), Cardinal
Health (NYSE:CAH), (BOV:C1AH34), CAE
Inc. (NYSE:CAE), Dole Food
Company (NYSE:DOLE), PFGC (Performance
Food Group Company) (NYSE:PFGC), Arcos
Dorados (NYSE:ARCO), Public
Square (NYSE:PSQH), MediWound (NASDAQ:MDWD), uCloudlink (NASDAQ:UCL),
and others will report before the market opens.
After the close, numbers are expected from Cisco
Systems (NASDAQ:CSCO), (BOV:CSCO34), AST
SpaceMobile (NASDAQ:ASTS), dLocal (NASDAQ:DLO), Arcutis
Biotherapeutics (NASDAQ:ARQT), StoneCo (NASDAQ:STNE),
(BOV:STOC31), Canoo
Inc (NASDAQ:GOEV), Geopark (NYSE:GPRK),
(BOV:GPRK34), Dragonfly
Energy (NASDAQ:DFLI), Longeveron (NASDAQ:LGVN), Lulus (NASDAQ:LVLU),
and more.
DLocal (NASDAQ:DLO)
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