U.S. index futures dipped slightly in premarket trading on
Thursday, following gains in the previous session, as investors
await September’s CPI data, which could influence Federal Reserve
policy. Consumer price data is expected to show moderate inflation,
hinting at smaller rate cuts.
At 5:57 AM, Dow Jones futures (DOWI:DJI) were down 42 points, or
0.10%. S&P 500 futures lost 0.13%, and Nasdaq-100 futures
dropped 0.15%. The 10-year Treasury yield stood at 4.082%.
In commodities, oil prices rose, driven by increased fuel demand
due to Hurricane Milton hitting Florida. Gasoline demand surged in
the state, with many stations running out of stock. Additionally,
rising tensions between Israel and Iran increased the risk of oil
supply disruptions, further supporting prices. Data released on
Wednesday showed U.S. crude oil inventories rose by 5.8 million
barrels, the largest increase since April.
West Texas Intermediate crude for November rose 1.53%, to $74.36
a barrel, while Brent for December climbed 1.37%, to $77.63 a
barrel.
Copper (CCOM:COPPER) dropped 0.3%, while aluminum
(CCOM:ALUMINUM) gained 0.2%. Copper prices reacted momentarily to
expectations of an imminent briefing from China’s government on
spending policies after recently hitting their lowest close in over
two weeks. Finance Minister Lan Fo’an is expected to discuss the
government’s commitment to infrastructure investments, which could
boost demand for commodities.
Gold prices (PM:XAUUSD) traded around $2,616.82, up 0.3%, as
traders awaited U.S. inflation data that could influence Federal
Reserve policy. Gold is down 1.6% for the week after closing lower
for six consecutive days as Treasury yields rose. Despite the
decline, gold has gained over 25% this year, driven by rate cuts
and geopolitical tensions.
In today’s U.S. economic agenda, at 8:30 AM, initial jobless
claims are expected to come in at 230,000, alongside September’s
consumer price index (CPI), expected to rise 0.1%, with core CPI
forecast at 0.2%. The annual CPI is projected at 2.3%, with core
annual CPI expected to remain at 3.2%.
At 9:15 AM, Federal Reserve Governor Lisa Cook will speak,
followed by Richmond Fed President Tom Barkin at 10:30 AM, and New
York Fed President John Williams at 11:00 AM.
Asia-Pacific markets closed higher on Thursday, boosted by gains
on Wall Street and a 2.8% rise in Japan’s producer prices in
September, beating the forecast of 2.3% and August’s 2.5%.
Australia’s S&P/ASX 200 gained 0.43%, reaching 8,223 points,
and South Korea’s Kospi advanced 0.34%, closing at 2,603.25, while
the Kosdaq fell 0.22%. In Japan, the Nikkei 225 rose 0.26%,
reaching 39,380.89, and the Topix climbed 0.2%. China’s CSI 300
gained 1.06%, while Hong Kong’s Hang Seng surged 3% in the final
hour of trading.
Chinese stocks resumed their upward trend, driven by
expectations for the scheduled briefing on October 12, which may
detail the anticipated fiscal stimulus. China’s central bank
activated a $70.7 billion (500 billion yuan) credit line to
stimulate markets.
Economic improvement in Japan and U.S. recession concerns are
raising expectations of a possible interest rate hike from the Bank
of Japan (BOJ) between December and January. However, opposition
from new Prime Minister Shigeru Ishiba could complicate the
timeline, despite pressure for adjustments due to controlled
inflation and rising wages.
Foreign investors bought $6.16 billion (¥919.3 billion) in
Japanese stocks in the week ending October 5, driven by a weaker
yen following comments from Prime Minister Shigeru Ishiba. It was
the largest net purchase since April.
Fast Retailing, owner of Uniqlo, posted its
third consecutive year of record profits, with a 31% increase in
operating profit, reaching $3.35 billion through August.
Investors also assessed Seven & i‘s
quarterly earnings after an acquisition offer from Couche-Tard. The
company lowered its operating and net profit forecasts, resulting
in a 0.43% drop in shares on Thursday.
European markets are trading lower, with investors cautious amid
global risks and uncertainties surrounding U.S. inflation. The
healthcare sector is performing well, led by GSK
Plc (LSE:GSK) after announcing a $2.2 billion settlement
to resolve Zantac-related lawsuits.
BPER Banca (BIT:BPE) shares also jumped after
unveiling new profit and dividend targets. Deutsche
Telekom (TG:DTE) shares rose with the announcement of a
share buyback program of up to €2 billion by 2025. On the other
hand, Repsol (TG:REP) shares dropped due to a
disappointing trading update.
Mercedes-Benz (TG:MBG) reported a 1% drop in
sales for the third quarter, with 503,600 cars sold. Battery
electric vehicle sales fell 31%, and in China, sales dropped 13%
due to weaker demand and price cuts. Airbus
(EU:AIR) delivered 50 aircraft in September, down from 55 a year
earlier, totaling 497 for the year. The company mentioned that its
target of 770 deliveries is still achievable, but it depends on a
fourth-quarter boost.
Initial public offerings (IPOs) in Europe are rebounding after a
lull. Poland’s Zabka is set to raise $1.64 billion
in October, while Spain’s Cox Energy aims for $328
million. German publisher Springer Nature raised
up to €602 million, and Europastry canceled its
IPO due to market instability.
U.S. stocks closed higher on Wednesday, with the Dow rising
431.63 points, or 1.03%, and the S&P 500 gaining 0.71%, both
reaching record highs. The Nasdaq rose 0.6%. Investors reacted to
Federal Reserve minutes. Additionally, a narrower trade deficit of
$70.4 billion boosted market optimism.
According to Bloomberg, it’s unlikely that Jerome Powell will
implement another large rate cut while the labor market remains
strong. The recent half-point reduction was seen as a
recalibration, though some members preferred more gradual cuts,
considering the economy’s resilience.
A tight U.S. presidential race between Kamala Harris and Donald
Trump is raising investor concerns about a potential contested
outcome. The uncertainty could dampen the market rally, especially
if the contest drags on. Although the U.S. economy is strong,
expected volatility is worrying investors, who are bracing for
post-election turbulence.
In terms of quarterly earnings reports, numbers are expected
from Tilray (NASDAQ:TLRY), Delta
Air Lines (NYSE:DAL), Domino’s
Pizza (NYSE:DPZ), Thera
Technologies (NASDAQ:THTX)
and Neogen (NASDAQ:NEOG) before the
market opens. After the close, the focus will be on AEHR
Test Systems (NASDAQ:AEHR).
Theratechnologies (NASDAQ:THTX)
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