📆 Tuesday, September 3
► European stocks slipped slightly from their record highs from last week, with the Stoxx 600 trading currently 0.2% lower as traders brace for upcoming US data releases. Investors in Europe remain watchful of potential volatility as the Federal Reserve’s rate-cutting cycle draws closer. Investors in the Eurozone await vital economic data such as HCOB PMI on Wednesday and GDP on Friday. September is historically a month of higher volatility for equities – and this year will be no different, with key interest rate decisions looming and the US election debates in full swing.
► US equity futures saw little change after the Labor Day holiday, with markets preparing for a busy week of economic reports starting with manufacturing data later today (S&P Global Manufacturing PMI – which will likely have only a limited impact as S&P Global released preliminary data before and the important ISM Manufacturing PMI report) and culminating in nonfarm payrolls on Friday. The USD continued its rally, reaching a two-week high, even as traders priced in a potential start to US policy easing this month. Despite the possibility of a rate cut, strategists at JPMorgan caution that the rally in equities could stall due to more signs of slowing growth and due to seasonal trends.
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