US markets rallied over the possibility the Federal Reserve may soon conclude its rate-hiking campaign, while China’s economic data came in softer than expected. Dow Jones up 76 points (+0.22%). Dow at best up 156 points. Dow at worst down 90 points. S&P 500 up 0.39%. NASDAQ gained 0.93%. VIX +1%. US Treasuries were flat, 2Y yields dropping 0.9bps and the dollar softened with the USD Index falling 0.07% to 99.89. Oil continued to drop as China demand sentiment eased, as did commodities, Iron ore fell 0.51% and Copper fell 2.14%.
Activision rose 3.49% after holding “productive” talks with Microsoft +0.14% and British regulators, while Ford Motor Co fell 5.94% after cutting the sales price of their electric F150 truck.
- ASX to fall. SPI Futures down 20 points (-0.28%)
- Copper fell 2.14%, as China’s economic data continues to disappoint, sending all base metal prices lower.
- Nickel -2.91% Aluminium -0.81% Zinc -0.99, Lead -1.34% Tin -0.86%
- WTI Crude and Brent fell 1.68% and 0.64% over Chinese demand fears.
- 10Y Bond yields: US 3.81%, Australia 3.97%, and Germany 2.45%.
HEADLINES
- ASX to open lower; US earnings season looks solid, says BofA
- Wall St ends higher with earnings poised to ramp up.
- US stocks rise on earnings outlook, global shares dip on China data.
- Moscow halts grain deal in what UN says is a blow to people in need everywhere.
- Fed faces broader debate as it tees up rate hike.
- Yellen does not see recession in U.S.
- World economy in a difficult place but not destined to stay there - W.Bank chief.
- U.S. chip lobby presses Biden to refrain from further China curbs.
- Chip companies, top US officials meet on China policy.
- U.S. stocks rise on earnings outlook, global shares dip on China data.
- China's frail Q2 GDP growth raises urgency for more policy support.
- US bank mergers frozen by capital rules, regulatory uncertainty.
- Netflix shielded from Hollywood strike by global crew, strong pipeline.
- Race towards 'autonomous' AI agents grips Silicon Valley.
- US SEC developing rules on AI 'conflicts of interest'.
- Buffett cut Activision stake before judge approved Microsoft merger.
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