U.S. index futures slightly declined in pre-market trading on
Friday, as investors await today’s quarterly results from major
banks like JPMorgan Chase (NYSE:JPM) and
Wells Fargo (NYSE:WFC), and wholesale inflation
data that could influence the likelihood of a rate cut. Market
sentiment is cautious ahead of an uncertain weekend. China is
expected to announce new fiscal stimulus on Saturday, while
geopolitical tensions between Israel and Iran could impact oil
prices.
At 05:50 AM, Dow Jones futures (DOWI:DJI) fell 61 points, or
0.14%. S&P 500 futures lost 0.17%, and Nasdaq-100 futures
dropped 0.27%. The 10-year Treasury yield stood at 4.092%.
In commodities, oil prices fell but are still heading for a
second consecutive weekly gain. Investors are assessing Hurricane
Milton’s damage in the U.S. and potential Israeli retaliation
against Iranian facilities. The market remains cautious with
elevated stock levels and the Fed’s policy. Meanwhile, Libya’s
National Oil Corporation (NOC) restored production to 1.22 million
barrels per day after a central bank crisis.
West Texas Intermediate crude for November dropped 0.70% to
$75.32 per barrel, while Brent for December fell 0.71% to $78.85
per barrel.
Gold prices (PM:XAUUSD) rose 0.18% to $2,637.80 an ounce,
benefiting from economic uncertainties, geopolitical tensions,
higher-than-expected inflation, and a slowdown in the U.S. labor
market.
On today’s U.S. economic agenda, at 8:30 AM, the Producer Price
Index (PPI) for September will be released, with expectations of
0.1%, and core PPI, previously at 0.3%. The prior annual PPI was
1.7%, and the annual core was 3.3%. At 9:45 AM, Chicago Fed
President Austan Goolsbee will give opening remarks. Preliminary
consumer sentiment for October will be announced at 10:00 AM,
projected at 70.3. Dallas Fed President Lorie Logan’s speech at
10:45 AM and Fed Governor Michelle Bowman’s at 1:10 PM complete the
schedule.
In the Asia-Pacific markets, China’s CSI 300 index plummeted
2.8% on Friday, marking a 3.3% loss for the week. Japan’s Nikkei
225 rose 0.57%, boosted by financial and healthcare sectors. In
South Korea, the Kospi index fell slightly, while Australia’s
S&P/ASX 200 lost 0.1%. Hong Kong’s Hang Seng remained closed
due to a local holiday.
Chinese stocks dropped as investors reduced risk ahead of a
Ministry of Finance briefing on potential fiscal stimulus. China’s
Ministry of Finance is expected to announce a new fiscal stimulus
package between $280 and $420 billion (2 to 3 trillion yuan) at a
press conference on Saturday, 10:00 AM local time, while markets
will be closed.
South Korea’s central bank cut interest rates by 0.25%, bringing
them to 3.25%, marking the first cut since 2020. The decision aims
to ease burdens on households facing high borrowing costs, as
inflation in South Korea fell to 1.6% in September, the lowest
level since early 2021 and below the central bank’s 2% average
target. The bank’s governor indicated there is room for more cuts,
but without specific guidance for the near future.
A Reuters poll suggests Japan’s consumer inflation likely slowed
in September due to falling energy costs, while export growth
significantly declined. The core consumer price index is expected
to have risen 2.3% compared to the previous year, down from
August’s 2.8%.
European markets show mixed performance, with sectors moving in
opposite directions as investors analyze UK GDP data and await
China’s anticipated fiscal stimulus.
UK GDP grew by 0.2% in August, as expected, following flat
months earlier this year.
France plans to sell $328 billion (€300 billion) in government
bonds in 2025 to fund its budget after months of political
instability. This amount will help cover an estimated deficit of
€136 billion, smaller than this year’s. The government aims to
restore investor confidence amid growing fiscal concerns.
Among individual stocks, Bayer (TG:BAYN) shares
dropped 2.1% after being ordered to pay $78 million to a
Pennsylvania man who claimed to have developed cancer from using
Roundup herbicide. The jury awarded $3 million in compensatory
damages and $75 million in punitive damages. The company plans to
appeal the decision.
Porsche (TG:PAH3) shares fell 0.6% after a 19% decline in sales
in China during the third quarter, marking the worst performance in
a decade, signaling rising competition from local electric vehicle
manufacturers.
THG (LSE:THG) shares dropped over 5% as it
plans to raise $123.4 million (£95.4 million) through a share issue
at 49 pence each, representing a 5.2% discount. CEO Matthew
Moulding will invest £10 million, with existing and retail
investors also contributing. The fundraising will support the
spinoff of the Ingenuity division and business model
simplification.
ArcelorMittal (EU:MT) shares rose 0.2% after
announcing it will buy Nippon Steel’s 50% stake in the Calvert
joint venture to ease regulatory concerns over Nippon’s acquisition
of US Steel. The company will pay $1, while Nippon Steel will
inject around $900 million in capital and forgive loans.
Italian brake system manufacturer Brembo
(BIT:BRE) shares jumped 3.7% after announcing the acquisition of
Ohlins Racing, a suspension technology specialist, for $405
million, the company’s largest purchase to date.
On Thursday, Wall Street’s major indices posted slight declines:
the Dow Jones and Nasdaq both slipped 0.1%, while the S&P 500
fell 0.2%. The weakness was driven by a U.S. inflation report that
showed a larger-than-expected rise in consumer prices, dashing
hopes for aggressive interest rate cuts by the Federal Reserve.
CME’s FedWatch tool still suggests an 84% chance of a
25-basis-point rate cut next month.
The Consumer Price Index (CPI) rose 0.2% in September, matching
August’s increase but exceeding the 0.1% expectation. Core CPI,
excluding food and energy, increased 0.3%, above the expected 0.2%.
Additionally, jobless claims rose to 258,000, surpassing the
230,000 forecast. As a result, Raphael Bostic, President of the
Atlanta Federal Reserve, said he is “open” to the possibility of
keeping rates unchanged in November.
In earnings reports, numbers are expected from JPMorgan
Chase (NYSE:JPM), Wells Fargo
(NYSE:WFC), BlackRock (NYSE:BLK), Bank
of New York
Mellon (NYSE:BK), Fastenal (NASDAQ:FAST),
and Bank7 (NASDAQ:BSVN), before the
opening bell.
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