📆 Thursday, August 8
► European equities extended their losses as the Stoxx 600 index fell over 1%, driven by declines in technology and mining stocks, erasing much of yesterday's gains. The market remains volatile and investor sentiment is being weighed down by uncertainty over central bank policy and weak economic data. Shares in Siemens fell 0.7% after the company forecast weaker growth, while Zurich Insurance Group fell almost 3% due to increased losses in its property and casualty division. In contrast, Allianz (+2.5%) reported a rise in profits and Deliveroo and Entain reported robust results. Bond yields in Germany and the UK fell slightly, reflecting cautious market sentiment.
► US equity futures continued to fall following overnight losses on Wall Street as markets continue to react to weak economic data, particularly labor market data such as last week's disappointing payroll figures. Weak demand for the sale of $42 billion worth of 10-year Treasuries caused yields to rise yesterday and also created a headwind for equities. The focus is on today's jobless claims data, which could provide further insight into the state of the labor market. Investors are also keeping an eye on the Fed's potential interest rate decisions, as they fear that persistently high interest rates could trigger a deeper economic downturn. The yield on 10-year US Treasuries is little changed at 3.915% as markets await further economic data. Eli Lilly, the world's most valuable pharmaceutical company, will publish its results today before the stock market opens in New York.
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