Global Markets:
● Asian Stock Markets : Nikkei up 0.49%, Shanghai Composite down 0.36% Hang Seng down 0.90% ASX up 0.26%
● Commodities : Gold at $4,331.55 (-1.25%) Silver at $64.140 (-1.20%), Brent Oil at 105.76 (-0.03%), WTI Oil at 102.32 (-0.10%)
● Rates : US 10-year yield at 5.002, UK 10-year yield at 5.3047, Germany 10-year yield at 3.5098
News & Data:
● (USD) Core Retail Sales m/m
1.4% to 0.6% expected
Markets Update:
Stock futures moved higher on Wednesday evening after markets sold off following the Federal Reserve’s first interest rate hike in three years. Futures linked to the Dow Jones Industrial Average gained 72 points, or 0.1%, while S&P 500 futures rose 0.2% and Nasdaq-100 futures added 0.4%.
Asian markets traded mostly higher on Thursday. Japan’s Nikkei 225 climbed 0.87% and the Topix gained 0.71%. South Korea’s Kospi advanced 1%, while the Kosdaq added 0.57%. Australia’s S&P/ASX 200 edged up 0.16%. However, Hong Kong’s Hang Seng index fell 0.49%, and China’s CSI 300 slipped 0.16%.
Generac surged more than 30% in after-hours trading after Amazon secured warrants to purchase up to $340 million worth of the company’s shares. The agreement includes Generac supplying backup power generators for Amazon’s data centers.
Earlier in the day, U.S. stocks closed lower. The Dow dropped more than 630 points, or 1.2%, led by losses in financial stocks. The S&P 500 declined 0.5%, while the Nasdaq Composite finished slightly lower.
The Fed raised its benchmark interest rate by 0.25 percentage points, bringing the target range to 3.75%-4%. Policymakers also indicated another increase may be possible this year as inflation remains elevated. August consumer prices rose 3.4%, while oil prices climbed above $100 per barrel.
Investors now await weekly jobless claims and August housing starts data for further insight into economic conditions and the impact of higher borrowing costs.
Upcoming Events:
● 12:30 PM GMT – USD Unemployment Claims
