Daily digest market movers: A very slow start for all
- S&P Global released its Manufacturing Purchasing Managers Index (PMI) for August, coming at 52.5, the same pace as the previous month.
- US markets are closed in observance of Labor Day on Monday.
- The CME Fedwatch Tool shows a 69.0% chance of a 25 basis points (bps) interest rate cut by the Fed in September against a 31.0% chance for a 50 bps cut. Another 25 bps cut (if September is a 25 bps cut) is expected in November by 48.9%, while there is a 42.0% chance that rates will be 75 bps (25 bps 50 bps) below the current levels and a 9.1% probability of rates being 100 (25 bps 75 bps) basis points lower.
- Regarding the Bank of England (BoE), markets are pricing in no rate cut for the September 19 meeting, while the November 7 decision has an 87.2% near certainty of seeing the BoE cut rates by 25 basis points.
- The US 10-year benchmark rate trades at 3.90% and will not move on Monday due to the US bank holidays.
- The UK 10-year Gilt Benchmark trades at 4.06% and popped higher on Monday after closing at 4.01% on Friday.
- European equities are eking out more losses, losing over 1% on the day. The UK’s FTSE 100 is less negative and flirts with less than 0.5% of losses.
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