U.S. index futures rose in pre-market trading on Friday as
investors await Federal Reserve Chair Jerome Powell’s speech, which
may signal interest rate cuts. The Dow and S&P 500 have posted
slight gains this week, while the Nasdaq has declined 0.1% so far,
heading for its fifth weekly drop in six.
At 05:14 AM, Dow Jones futures (DOWI:DJI) were up 122 points or
0.30%. S&P 500 futures gained 0.38%, and Nasdaq-100 futures
advanced 0.59%. The 10-year Treasury yield stood at 3.852%.
The U.S. economic calendar includes Jerome Powell’s speech at
the Jackson Hole retreat at 10:00 AM ET, along with the July new
home sales report, with a median forecast of 620,000 units compared
to 617,000 in the prior period.
In commodities, West Texas Intermediate crude for October rose
1.11% to $73.82 per barrel, while Brent for October increased 1.07%
to $78.05 per barrel.
Oil prices are expected to end the week lower due to weak U.S.
employment data and ceasefire talks in Gaza. U.S. jobs data raised
recession fears, affecting demand, while the Gaza truce eased
supply concerns.
Strikes and heavy rains in Australia, the world’s third-largest
raw sugar exporter, are delaying sugar harvesting and threatening
exports. Workers have been on strike since May, and wet weather in
Queensland is hindering field access. This could lead to lower
production and disrupt the next crop planting, impacting farmers’
income.
Asia-Pacific markets closed mixed on Friday. Japan’s Nikkei 225
and Topix rose 0.4% and 0.5%, respectively, reaching highs since
August 1. South Korea’s Kospi fell 0.22%. Australia’s S&P/ASX
200 dropped 0.04%, closing marginally lower after a 10-day winning
streak. China’s CSI 300 gained 0.42%, while Hong Kong’s Hang Seng
fell 0.1% in the final hour of trading.
In Japan, core inflation rose 2.7% in July, staying above the
Bank of Japan’s (BOJ) 2% target for 28 months. However, “core-core”
inflation fell to 1.9%, below the 2% target for the first time
since September 2022. Additionally, the yen rose 0.5% after the BOJ
confirmed potential interest rate hikes.
In Singapore, the consumer price index, excluding private road
transport and accommodation costs, rose 2.5% in July from a year
earlier, the smallest increase since February 2022, potentially
allowing the central bank to consider easing monetary policy. This
result was lower than the 2.9% forecast and June’s 2.9% rate.
Overall inflation also fell to 2.4% in February, the lowest since
August 2021. Inflation is expected to range from 2.5% to 3.5% in
2024.
In China, measures to control bond yields stabilized rates but
caused a sharp drop in trading activity, potentially worsening the
economic situation. Trading in 10-year bonds dropped 90%, and the
government is cracking down on speculation, raising concerns about
market stability.
To mitigate the property crisis, China’s regulator will launch a
program to purchase unsold apartments and convert them into
affordable housing. Additionally, the supply of public housing
units will be increased when possible. The ongoing property crisis
has negatively impacted the market and the economy.
In Australia, Treasurer Jim Chalmers offered concessions to the
opposition to secure support for Reserve Bank (RBA) reforms,
including creating a monetary policy committee and a governance
board. He agreed to transfer all current members to the new
committee to resolve a legislative deadlock unless they choose to
move to the governance board.
European markets were advancing as investors awaited Jerome
Powell’s speech at Jackson Hole. Bank of England Governor Andrew
Bailey is also set to speak at the symposium later in the day. All
major exchanges and most sectors were up, except for the technology
sector.
Among individual stocks, shares of Melrose
Industries (LSE:MRO) are down 5.9% after UBS downgraded
the aerospace supplier from “Buy” to “Sell.”
Nestlé (LSE:0RR6) CEO Mark Schneider
unexpectedly announced his departure and will be replaced by
Laurent Freixe. The company also revised its sales forecast
downward. The leadership change raised doubts about sales recovery
and margin strategy.
The UK’s energy price cap will rise 10% in October to $2,251
(£1,717) due to high energy and gas prices. This increase, combined
with reduced subsidies for pensioners, will intensify the
cost-of-living impact. Inflation is also expected to accelerate,
reaching 2.7% by the end of 2024.
The death of British tycoon Mike Lynch at age 59 in an Italian
shipwreck has been confirmed. He was recently acquitted of fraud
charges related to the sale of his company to
Hewlett-Packard (NYSE:HPE). Lynch was known for
his brilliant mind and significant contributions to the tech
industry.
After an initial rally, U.S. stocks fell sharply on Thursday,
pressured by profit-taking and rising bond yields. The Nasdaq
plunged 1.67%, the S&P 500 fell 0.89%, and the Dow Jones
dropped 0.43%.
The U.S. Department of Labor reported that initial jobless
claims rose to 232,000 in the week ending August 17, above the
previous week’s 228,000. Economists had predicted 230,000. The
National Association of Realtors reported that existing home sales
rose 1.3% in July to 3.95 million, beating expectations of 3.93
million.
In addition to the downward pressure from rising bond yields,
the market was impacted by uncertainties ahead of the Jackson Hole
Symposium and the expectation of interest rate cuts. Before
Powell’s comments, the CME Group’s FedWatch tool indicated a 75.5%
probability of a quarter-point rate cut next month and a 24.5%
chance of a half-point cut.
Kamala Harris accepted the Democratic presidential nomination
with a personal speech on Thursday, pledging to focus on the middle
class and reproductive rights. She stood out by criticizing Donald
Trump and defending her qualifications based on her experience as a
prosecutor, senator, and vice president. Her speech emphasized the
need to overcome political divisions and focused on protecting
rights and economic opportunities.
On the quarterly earnings front, Gold Fields
(NYSE:GFI), and Hafnia (NYSE:HAFN) will report on
Friday.
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