Daily digest market movers: Volatility to pick up again
- The economic calendar kicks off at 12:30 GMT with, straight away, the main event being presented: The weekly Jobless Claims
- Initial Claims for the week ending August 2 are expected to head to 240,000 from 249,000.
- Continuing Claims were at 1,877,000. No forecast for the week ending July 26 is pencilled in.
- At 14:00 GMT, Wholesale Inventories data for June is expected to grow by 0.2%, at the same pace as the previous month.
- At 17:00 GMT, the US Treasury will auction a 30-year bond.
- Equity markets are losing steam, with nearly all European incidences in the red. US futures are down as well, though slightly.
- The CME Fedwatch Tool shows a 72.5% chance of a 50 basis points (bps) interest rate cut by the Federal Reserve (Fed) in September. Another 25 bps cut is expected in November by 55.6%, while a 27.2% chance for a 50 bps cut and 17.2% for no cut are being pencilled in for that meeting.
- The US 10-year benchmark rate trades at 3.91%, retreating from this week’s high at 3.98%.
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