Yesterday’s PPI release told a similar story to Wednesday’s CPI update, that inflation is starting to moderate. Then at 10 AM ET, the preliminary July reading for the University of Michigan Consumer Sentiment Index will be released, and it is expected to rise to 65.5 from June’s final figure of 64.4. Germany's wholesale prices fell for the third consecutive month, dropping 2.9% YoY in June,, marking the steepest decline since June 2020.Īt 8:30 AM ET, we’ll get another perspective on inflation courtesy of the June Import-Export Pricing data. May Industrial Production in Japan had a slight downside surprise on a MoM basis, coming in at -2.20% as compared to the -1.60% consensus estimate which contributed to a 4.2% figure for the May YoY period. With Nokia ( NOK) and Telus ( TU) both revising expectations for 2H 2023 lower, which are also weighing on equity futures, we would remind readers to be on watch for earnings pre-announcements in the coming days. Influencing the market open and today’s trading will be what investors learn from Big Bank earnings, including those from J PMorgan ( JPM) and Citigroup ( C), out this morning about the economy and the consumer. futures point to a mixed market open later this morning as shares of PDD Holdings ( PDD) and JD.com ( JD) are seeing some pre-market selling, putting pressure on Nasdaq-100 futures ahead of the open. South Korea’s KOSPI closed 1.43% higher in a mixed day led by Finance, and Energy Minerals names.Įuropean markets are mixed in midday trading and U.S. Hong Kong’s Hang Seng gained 0.33%, India’s SENSEX rose 0.77%, Australia’s ASX All Ordinaries advanced 0.83%, and Taiwan’s TAIEX added 1.30%. Japan’s Nikkei saw some minor profit taking closing down 0.09%, and China’s Shanghai Composite ended the day close to flat, eking out a 0.04% gain. Asia-Pacific equity markets finished the day higher on the continuously improving US inflation story.
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