Daily digest market movers: Back to normal programming
- Markets are recovering from Monday’s route, and equities move higher across the board. The Greenback is outpacing the Japanese Yen by over 1% in the European trading session.
- US Vice President Kamala Harris has been formally nominated as the Democratic candidate for the upcoming Presidential elections in November.
- At 12:30 GMT, the US Goods and Trade Balance data for June will be released:
- Goods and Services Trade Balance deficit seen heading from $75.1 billion to a smaller $72.4 billion.
- Goods Trade Balance deficit was at $96.8 billion in May, though no forecast is available for June.
- At 14:00 GMT, the TechnoMetrica Institute of Policy and Politics (TIPP) will release its monthly Economic Optimism Survey for August. The previous reading was at 44.2, with an increase to 45 forecasted for August.
- The US Treasury is heading to markets to sell 52-week bills and allocate 3-year notes at sharply lower rates than previously.
- Equity markets are jumping higher, with the Japanese Nikkei and Topix closing Tuesday with 10% gains each. Europe is trading solidly in positive territory. In theUS futures market, the Nasdaq leads the recovery, rising by nearly 2% in the day.
- The CME Fedwatch Tool shows a 73.5% chance of a 50 basis points (bps) interest rate cut by the Federal Reserve in September. Another 25 bps cut is expected in November by 54.5%, while a 29.7% chance for a 50 bps cut and 15.8% for no cut at all are being pencilled in for that meeting.
- The US 10-year benchmark rate trades at a new 52-week low at 3.86%, shooting higher as investors flee away from bonds and back into equities
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