Markets Weak Amidst Focus On Earnings

Market sentiment remains weak ahead of the earnings release from a slew of major corporates.

Markets also digested the moderation in rate cut expectations amidst strong economic data as well as comments from Fed officials that portended uncertainty regarding the potential pace of monetary easing. The CME Group’s FedWatch Tool currently shows the likelihood of a quarter-point cut in the next Fed review in November at 89 percent versus 86.5 percent a day earlier.

Wall Street Futures are trading in negative territory. European benchmarks are also trading lower. Asian benchmarks closed on a mixed note.

The Dollar Index edged down. Bond yields mostly hardened. Crude oil prices extended gains. Gold prices traded a tad below Monday’s peak level. Cryptocurrencies erased recent gains.

Here is a snapshot of the major world markets at this hour.

Stock Indexes:

DJIA (US30) at 42,758.50 down 0.40%
S&P 500 (US500) at 5,828.90, down 0.43%
Germany’s DAX at 19,393.85, down 0.32%
U.K.’s FTSE 100 at 8,254.69, down 0.76%
France’s CAC 40 at 7,479.36, down 0.75%
Euro Stoxx 50 at 4,916.15, down 0.51%
Japan’s Nikkei 225 at 38,405.50, down 1.60%
Australia’s S&P ASX 200 at 8,205.70, down 1.66%
China’s Shanghai Composite at 3,285.87, up 0.54%
Hong Kong’s Hang Seng at 20,498.95, up 0.10%

Currencies:

EUR/USD at 1.0827, up 0.12%
GBP/USD at 1.2974, down 0.08%
USD/JPY at 150.91, up 0.06%
AUD/USD at 0.6685, up 0.41%
USD/CAD at 1.3830, down 0.00%
Dollar Index at 103.91, down 0.09%

Ten-Year Govt Bond Yields:

U.S. at 4.216%, up 0.70%
Germany at 2.3300%, up 2.24%
France at 3.071%, up 2.06%
U.K. at 4.2070%, up 1.64%
Japan at 0.970%, down 1.02%

Commodities:

Brent Oil Futures (Dec) at $75.00, up 0.96%.
Crude Oil WTI Futures (Dec) at $70.80, up 1.09%.
Gold Futures (Dec) at $2,751.95, up 0.48%.

Cryptocurrencies:

Bitcoin at $67,150.27, down 1.61%
Ethereum at $2,631.41, down 2.68%
BNB at $591.74, down 2.56%
Solana at $166.24, up 0.09%
XRP at $0.5357, down 4.04%.