📆 Thursday, September 5
► The Stoxx 600 Index in Europe is little changed today as gains in some sectors were offset by heavy losses in chemicals and mining stocks. Iron ore prices fell to their lowest level since 2022, putting pressure on the sector. Traders are closely watching US initial jobless claims data later today and continue to await Friday's non-farm payrolls (NFP) report for clues on the Fed's next moves. Swap markets expect at least 100 basis points of rate cuts this year, with a “jumbo” 50 basis point cut also possible.
► US futures contracts held steady after a mixed Wednesday where all three major indices ended the day little changed, losing much of their earlier gains as market focus has shifted to Friday's NFP report and traders eagerly await more data outlining the health of the labor market. The ISM US services PMI report could also move markets today as investors look for further indications of how robust the US economy is. The JOLTS report released yesterday showed that the number of job openings is at its lowest level since 2021, raising hopes of a Fed rate cut. Treasury yields remained stable for today, as did the USD after yesterday's declines.
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