📆 Thursday, August 15
► European stocks posted modest gains today, with the Stoxx 600 Index rising 0.2%. Shares of Bavarian Nordic surged by 17% after the World Health Organization declared a global public health emergency due to a fast-spreading Mpox outbreak. Meanwhile, miners were the worst-performing sector amid growing concerns about China's steel industry. China's retail sales data, however, came in slightly better-than-expectations. The UK’s GDP expanded by 0.9% YoY in Q2 (in-line with expectations), and the trade deficit decreased to £5.32B in June, providing a slight economic boost.
► U.S. equity futures pointed to a positive open following a five-day winning streak for the S&P 500, fueled by benign inflation data. US inflation data showed year-on-year core consumer prices in July rose at the slowest pace since 2021, paving the way for an anticipated start to Fed easing in September. Traders are pricing in around 33 basis-point reduction (meaning the majority now expected a cut of 25 bps not 50 bps) and a bit more than 100 basis points of cuts through year-end. Investors are focused on upcoming reports for initial jobless claims, retail sales, and earnings from Walmart, which are expected to provide insights into the health of the American consumer.
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