U.S. index futures advanced in premarket trading on Monday after
a tough week marked by concerns over labor market slowdown.
Investors are awaiting two inflation reports this week that could
impact the Federal Reserve’s upcoming decisions on interest
rates.
As of 5:09 AM, Dow Jones futures (DOWI:DJI) rose 210 points, or
0.52%. S&P 500 futures gained 0.66%, and Nasdaq-100 futures
advanced 0.89%. The 10-year Treasury yield stood at 3.761%.
On today’s U.S. economic calendar, at 10 AM, July wholesale
inventories are expected to grow 0.3%, following a previous 0.2%
increase. At 3 PM, the August consumer credit report is expected,
with a forecasted rise of $12 billion, compared to $8.9 billion in
the previous period.
In the commodities market, oil futures rose due to the threat of
a potential hurricane in the U.S. Gulf Coast and market adjustment
after weaker-than-expected U.S. jobs data. West Texas Intermediate
crude for October rose 1.32%, reaching $68.56 per barrel, while
November Brent crude advanced 1.20%, to $71.91 per barrel.
Hedge funds are more bearish on crude oil than at any point in
the past 13 years, according to a Bloomberg report. They reduced
their positions in Brent and WTI to the lowest level since 2011,
according to ICE Futures Europe and CFTC data for the week ending
September 3. The drop in prices reflects concerns over demand and
supply expansion, including Libyan production and potential changes
in OPEC+ policies.
Morgan Stanley adjusted its forecast for Brent crude prices, now
projecting $75 per barrel in the fourth quarter due to demand
concerns and abundant supply. Brent recently fell to its lowest
level since 2021, with analysts highlighting risks of oversupply
and weak demand.
Iron ore futures fell for the seventh consecutive time on
Monday, hitting their lowest level since August. Weak economic data
from China and sluggish steel demand weighed on prices.
The most traded January iron ore contract on China’s Dalian
Commodity Exchange (DCE) closed the morning session down 1.32%, at
$94.70 per metric ton. Benchmark iron ore for October (SZZFV4) on
the Singapore Exchange fell 1.15%, to $90.65 per ton.
Asia-Pacific markets had a negative Monday following weak U.S.
jobs data, with Chinese inflation and Japanese GDP also falling
short of expectations.
In Hong Kong, the Hang Seng dropped 1.77% in the final hour of
trading, leading regional losses. China’s CSI 300 declined 1.19%,
while Japan’s Nikkei 225 lost 0.48%. In South Korea, the Kospi fell
0.33%, and in Australia, the S&P/ASX 200 slipped 0.32%.
In China, August consumer inflation rose to 0.6%, the highest in
six months, mainly due to high food prices caused by
weather-related disasters. However, core inflation remained low,
signaling deflation in producer prices and a weakening economy.
According to a Reuters poll, China’s exports are expected to
grow at the slowest pace in four months in August, with a projected
6.5% year-on-year increase, down from 7% in July. Imports are also
expected to rise by only 2%, indicating weak domestic demand and
economic challenges.
In Japan, the economy grew 2.9% in the second quarter, below the
3.2% forecast, due to revisions in corporate and household
spending. The Bank of Japan is considering further interest rate
hikes, focusing on boosting domestic demand and ending its long
period of monetary stimulus. Instability in consumption could
affect future growth.
Japanese company Mitsubishi Chemical (USOTC:MTLHY) is
considering selling its pharmaceutical unit, Mitsubishi Tanabe
Pharma, for over $3.5 billion, according to Nikkei. The company has
hired a financial advisor and is seeking potential buyers, but
negotiations are in the early stages. Mitsubishi Chemical denied
being in advanced talks and is reviewing its business
portfolio.
In Australia, Westpac (ASX:WBC), the country’s second-largest
mortgage lender, promoted Anthony Miller, former head of Deutsche
Bank in Australia, to CEO effective December 16. He will replace
Peter King, who is retiring after implementing governance
improvements and facing a period of regulatory turbulence.
European markets are trading higher on Monday, with technology
and travel and leisure sectors leading gains, while luxury stocks
faced declines, with Burberry (LSE:BRBY) falling 5.3% after being
removed from the FTSE 100 index last week following a significant
drop in its share value, driven by weak demand. No major financial
results or economic data are expected today.
Eurozone officials indicated that the European Central Bank is
likely to cut interest rates on Thursday, setting the stage for the
U.S. Federal Reserve’s action the following week. This adjustment
reflects a global trend of monetary easing, with investors watching
for possible additional cuts later this year and the ECB’s upcoming
decisions.
Barratt Developments (LSE:BDEV) formed a joint venture with
Lloyds Banking Group (NYSE:LYG) and Homes England to build
thousands of homes in the UK. The partnership, called MADE
Partnership, will receive $197 million in funding and will focus on
large residential and community projects. The first projects are
expected to be delivered in 2028/29.
The Bank of London raised $55 million in a funding round led by
Mangrove Capital Partners last month. The funds will help expand
its presence in the UK. Customer deposits exceeded £500 million in
August. Recently, Stephen Bell took over as CEO, replacing Anthony
Watson, who now serves as senior advisor.
Schroders Plc (LSE:SDR) raised €400 million for its European
acquisition fund, Schroders Capital Private Equity Europe Direct
III. The capital, sourced from investors such as pension funds and
family offices, will allow the company to pursue mid-market
opportunities. Since January 2022, Schroders Capital has raised
over $2.6 billion for private equity investments.
On Friday, U.S. stocks fell after a weaker-than-expected jobs
report. The Nasdaq plunged 2.55%, while the S&P 500 and Dow
Jones dropped 1.73% and 1.01%, respectively. Concerns over economic
growth and a possible delay in the Federal Reserve’s actions to cut
interest rates fueled the sell-off.
The U.S. Labor Department’s jobs report showed non-farm payrolls
increased by 142,000 jobs in August, below expectations of 160,000
jobs. Additionally, June and July data were revised downward, with
a net loss of 86,000 jobs. The unemployment rate dropped to 4.2%,
increasing the chances that the Federal Reserve may not cut rates
by half a point. Despite the slowdown, wages grew, which should
sustain consumer spending and prevent a recession.
Last week, the Nasdaq fell 5.8%, the S&P 500 dropped 4.3%,
and the Dow Jones lost 2.9%, reflecting trader pessimism.
Before the market opens, Abivax
SA (NASDAQ:ABVX) will release its quarterly
report.
After the close, numbers are expected from
Oracle (NYSE:ORCL), Rubrik (NYSE:RBRK), Limoneira (NASDAQ:LMNR), BioStem
Technologies (USOTC:BSEM), Calavo
Growers (NASDAQ:CVGW), Mission
Produce (NASDAQ:AVO), Skillsoft (NYSE:SKIL), Matrix
Service Company (NASDAQ:MTRX) and Avid
Bioservices (NASDAQ:CDMO).
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