29 August 2024
US equities declined on Wednesday as investors awaited a major chipmaker's earnings report after market close. The S&P 500 ended 0.6% lower, as the tech-heavy Nasdaq dropped 1.1%.
US Treasuries traded mixed ahead of Friday’s PCE inflation readings. 10-year yields were up 1bp to 3.83%, as 2-year yields shed 3bp to 3.87%.
European stock markets were mostly higher on Wednesday ahead of a major US chipmaker’s earnings results. The Euro Stoxx rose 0.3%. The German DAX rose 0.5%, with the French CAC up 0.2%. In the UK, the FTSE-100 closed flat.
European government bonds edged higher as investors awaited eurozone inflation data. 10-year German yields fell 3bp to 2.26%, and 10-year French yields fell 2bp to 2.99%. In the UK, 10-year gilt yields stayed at 4.00%.
Asian stock markets traded mixed on Wednesday, as investors assessed latest regional corporate earnings ahead of a major US chipmaker’s earnings results. Japan’s Nikkei 225 was up 0.2%, aided by a weaker yen. India’s Sensex ended 0.1% higher. Meanwhile, China’s Shanghai Composite and Hong Kong’s Hang Seng fell 1.0% and 0.4% respectively.
Crude oil prices extended losses on Wednesday as investors weighed a smaller-than-expected fall in US weekly oil stockpiles amid supply risks in the Middle East and Libya. WTI crude for October delivery settled 1.3% lower at USD74.5 a barrel.
No major releases yesterday.
US pending home sales are expected to rise 0.2% mom in July, following a 4.8% mom increase in June. The second estimate of US Q2 GDP should rise by an annualised rate of 2.8%, unchanged from the first estimate. Q2 profits are also released today.
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