📆 Wednesday, July 3
► European stocks rose after a record close for the S&P 500, driven by optimism over possible US interest rate cuts after Federal Reserve Chairman Jerome Powell indicated that inflation is on a downward path. The Stoxx 600 index rose 0.5%, led by gains in mining and technology companies. In France, the CAC 40 index climbed as anti-national rally parties try to prevent Marine Le Pen's far-right group from gaining a majority in the upcoming parliamentary elections. The positive momentum in Europe was further supported by mixed but overall robust economic data. The Spanish PMI for the services sector fell slightly to 56.80 in June, while the French PMI for the services sector rose marginally to 49.6. However, the German overall PMI fell to 50.40, indicating slower growth.
► US stock futures remained steady ahead of a shortened session due to the July 4th holiday. The S&P 500 closed above the 5,500 mark for the first time, marking its 32nd record this year, while the Nasdaq 100 also reached an all-time high. Investors await US initial jobless claims and ADP employment data for further policy clues. Despite solid corporate earnings and advances in artificial intelligence, caution prevails as Fed Chair Powell has signaled that more evidence is needed before a rate cut.
Subscribe to see more
