U.S. index futures rose in premarket trading on Thursday
following a volatile session driven by August inflation data, with
investors awaiting further economic data to guide market
expectations.
At 5:12 AM, Dow Jones futures (DOWI:DJI) were up 82 points, or
0.20%. S&P 500 futures gained 0.22%, and Nasdaq-100 futures
rose 0.24%. The 10-year Treasury yield stood at 3.68%.
On today’s U.S. economic calendar, initial jobless claims for
September 7 will be released at 8:30 a.m. ET, with expectations of
225,000, down from the previous 227,000. The August Producer Price
Index (PPI) is expected to rise 0.2%, and core PPI by 0.2%, after a
prior increase of 0.3%. Annual PPI is expected to reach 2.2%, while
core PPI is forecasted at 3.3%. At 2:00 p.m. ET, the August federal
budget is expected, with a projected deficit of $317.3 billion.
In commodities, oil prices rose due to concerns over Hurricane
Francine impacting U.S. production despite weak demand. The storm
has caused Gulf of Mexico shutdowns and refinery disruptions.
However, weak global demand and rising U.S. inventories are capping
gains.
West Texas Intermediate crude for October rose 1.11% to $68.06
per barrel, while Brent for November increased 1.13% to $71.41 per
barrel.
Gold (PM:XAUUSD) is trading at $2,516.65, up 0.18%, recovering
from a slight drop. Core U.S. inflation increased in August,
fueling speculation that the Fed will not cut rates significantly,
keeping Treasury yields high and benefiting gold, which does not
pay interest.
Asia-Pacific markets closed mixed. Japan’s Nikkei 225 rose 3.41%
to 36,833.27, driven by the yen’s pause, benefiting exporters like
Toyota and technology companies, including semiconductor and retail
sectors.
Japan’s annual wholesale inflation slowed to 2.5% in August,
influenced by yen recovery and lower import costs. The price index
fell 0.2% in August, easing pressure on the Bank of Japan for
further rate hikes.
China’s CSI 300 dropped 0.43% to 3,172.9, its lowest since
January 2019, reflecting a lack of confidence in the country’s
economic recovery and profits. The CSI 300 Index has lost 14% since
May, facing its fourth year of losses. The real estate crisis and
geopolitical tensions are worsening investor pessimism.
China is intensifying its crackdown on investment bankers,
imposing travel restrictions and requiring passport handovers,
according to Bloomberg. Since August, at least three bankers have
been detained, raising concerns in the sector. The government seeks
to combat corruption and restructure the financial industry,
affecting business and morale in the sector.
South Korea’s Kospi rose 1.67%, and the Kosdaq gained 3%.
China’s appliance manufacturer Midea Group plans to list shares in
Hong Kong at a high price, raising at least $3.46 billion. The
offering will be the largest in Hong Kong’s stock market since May
2021.
South Korea plans to lift the ban on short-selling by the end of
March, allowing the strategy to be applied to all stocks. Financial
Services Commission Chairman Kim Byoung-hwan said rule revisions
are underway to ensure proper implementation. The suspension aims
to enhance market liquidity and raise capital market standards.
Australia’s S&P/ASX 200 rose 1.1% to 8,075.7. Taiwan’s
Weighted Index climbed 2.96% to 21,653.25. Hong Kong’s Hang Seng
advanced 1% in the final hour of trading.
European markets are trading higher, driven by expectations for
the European Central Bank’s interest rate decision. The Stoxx 600
rose, led by tech and mining stocks, while the food and beverage
sector slipped slightly.
The European Central Bank is expected to cut the deposit rate to
3.5% on Thursday, but investors are closely watching for signs of
future easing. Despite weak growth, high inflation, and wage
pressures may lead the ECB to act cautiously without committing to
further immediate cuts.
Among individual stocks, Roche shares (EU:RBO) fell 6.5% after
revealing that positive results for its experimental weight-loss
pill came from a trial with only six patients. In contrast, Novo
Nordisk shares (TG:NOV) rose 0.3%, fueled by expectations that its
new anti-obesity pill may surpass the efficacy of its Wegovy
injection.
On Wednesday, U.S. stocks fell sharply at the start of the
session but rebounded throughout the day, with the Nasdaq leading
gains. The Dow Jones rose 0.31%, while the S&P 500 and Nasdaq
gained 1.07% and 2.17%, respectively.
The Labor Department’s inflation report impacted the market,
with data suggesting the Federal Reserve may cut rates by 25 basis
points. The U.S. Consumer Price Index (CPI) rose 0.2% in August, as
expected. The core CPI, excluding food and energy, increased by
0.3%, exceeding forecasts.
Before the market opens, companies like Big
Lots (NYSE:BIG), Signet
Jewelers (NYSE:SIG), Kroger (NYSE:KR), Caleres (NYSE:CAL), Turkcell (NYSE:TKC), Mytheresa (NYSE:MYTE), Lovesac (NASDAQ:LOVE), Innate
Pharma (NASDAQ:IPHA), Ispire (NASDAQ:ISPR)
and Ads-Tec Energy (NASDAQ:ADSE) will
release quarterly reports.
After the close,
Adobe (NASDAQ:ADBE), RH (NYSE:RH),
and Farmer Brothers (NASDAQ:FARM) are
expected to release earnings.
Farmer Brothers (NASDAQ:FARM)
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