Daily Digest Market Movers: Gold price retreats after US PCE inflation report
- Protests have broken out across Israel after the country’s military recovered the bodies of six hostages it said Hamas had killed in Gaza. Israel’s largest labor group has called for a strike, saying the “entire Israeli economy will shut down” Monday, per CNN.
- Chinese NBS Manufacturing Purchasing Managers' Index (PMI) declined to 49.1 in August from 49.54 in July, missing the market consensus of 49.5. Non-Manufacturing PMI rose to 50.3 in August versus 50.2 prior, better than the estimates of 50.0.
- Data released by the US Bureau of Economic Analysis on Friday showed that the US headline Personal Consumption Expenditures (PCE) Price Index rose 2.5% YoY in July, compared to the previous reading of 2.5%, softer than the market expectations of 2.6%.
- The core PCE, which strips out volatile food and energy prices, climbed 2.6% YoY in July versus 2.6% prior, below the consensus of 2.7%.
- The markets are now pricing in a nearly 70% of 25 basis points (bps) rate cut by the Fed in September, while the odds of a 50 bps reduction are standing at 30%, according to the CME FedWatch tool.
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