Daily digest market movers: Harris vs. Trump showdown
- Look out for headlines risk on Tuesday and Wednesday in case no clear winner is declared in the 60th US presidential election.
- At 13:45 GMT, S&P Global is set to release the final reading for October’s PMI. Services PMI is expected to remain unchanged from the preliminary reading of 55.3, while the Composite PMI is expected to remain stable at 54.3.
- At 15:00 GMT, the ISM is releasing its final reading for October’s services sector. The ISM Services PMI is expected to decline a touch to 53.8 from 54.9.
- Ahead of the first possible headlines on the US presidential election, the US Treasury is auctioning a 10-year note around 18:00 GMT.
- Asia did well on Tuesday, with Japanese and Chinese indices closing in the green. European equities look sluggish ahead of the US presidential elections, while US equity futures are showing mild positive numbers.
- The CME FedWatch Tool is backing a 25 basis point (bps) interest-rate cut by the Federal Reserve (Fed) on Thursday’s meeting with a 98.0% probability. More interesting is the December 18 meeting, where a 50 bps interest-rate cut from the current level is expected by an 81.7% chance, suggesting that markets anticipate a rate cut this week and in December.
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