📆 Friday, September 20
► The Stoxx 600 dipped over 0.6% while the Mercedes-Benz Group fell 7% after lowering its full-year outlook. The broad European market remained cautious after the 50bp rate cut by the US Fed at the start of the week. Economic optimism was dampened by expectations that the Fed will still cut rates more slowly than the market expects – investors are also pricing in the possible impact of inflation remaining flat or possibly rising again. In the UK, August retail sales beat expectations, rising 1%, slightly brightening consumer sentiment.
► US futures are losing a little more of Thursday's gains after the S&P 500 saw its 39th ATH (in 2024) on Thursday. The Fed's sharp interest rate cut has boosted confidence in a possible soft landing for the economy. US stock futures are down slightly, with the S&P 500 down 0.3% and the Nasdaq currently down 0.15%. Investors are preparing for today's “triple witching event,” when options and futures contracts expire, which tends to cause volatility and often results in profit-taking.
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