Global Markets:
- Asian Stock Markets : Nikkei up 0.34%, Shanghai Composite up 0.84% Hang Seng up 1.59% ASX down 0.35%
- Commodities : Gold at $4,455.32 (0.40%) Silver at $65.705 (0.02%), Brent Oil at 88.57 (0.06%), WTI Oil at 81.29 (-0.22%)
- Rates : US 10-year yield at 4.681, UK 10-year yield at 5.0401, Germany 10-year yield at 3.1988
News & Data:
- (USD) Prelim UoM Consumer Sentiment
- 51.0 to 54.7 expected
Markets Update:
U.S. stock futures were little changed Sunday night as investors prepared for a quieter week following three consecutive weeks of gains for the S&P 500. The Dow Jones Industrial Average futures rose 11 points, or 0.02%, while S&P 500 futures gained 0.1% and Nasdaq 100 futures advanced 0.2%.
Asian markets traded mixed Monday. Japan’s Nikkei 225 was flat, while Australia’s S&P/ASX 200 declined 0.23%. Hong Kong’s Hang Seng Index climbed 1.4%, and mainland China’s CSI 300 edged 0.13% higher. South Korean markets remained closed for a holiday.
Wall Street ended last week with the S&P 500 posting another record high despite a lower close Friday. Strong corporate earnings have continued to support investor sentiment, helping equities advance despite geopolitical tensions in the Middle East and concerns surrounding the artificial intelligence trade.
Mark Hackett, chief market strategist at Nationwide, said investors appear increasingly comfortable with the current market backdrop, giving bullish investors greater confidence to push stocks higher.
The week ahead offers fewer major catalysts, but investors will closely watch the Federal Reserve’s latest meeting minutes, due Wednesday. Retail earnings will also remain in focus, with Home Depot reporting Tuesday, Lowe’s Wednesday and Walmart Thursday.
On the economic front, investors will monitor the August Empire State manufacturing index and the NAHB Housing Market Index for further clues about economic momentum and consumer conditions. The data could influence expectations for future Federal Reserve policy and interest rates.
Upcoming Events:
- 12:30 PM GMT – CAD Median CPI y/y
