🗓 Tuesday, July 29
► European stocks continue to recover on optimism over strong US data; EUR slips further
European equities advanced across the board on Tuesday, recovering from Monday’s profit-taking as investors turned attention to macro data and Fed guidance. The Stoxx 600 rose +0.65%. The DAX climbed +1.25%, CAC 40 jumped +1.4%, while the FTSE 100 gained +0.6%. Strong performance from AstraZeneca and positive results from Philips supported sentiment. Shares in Novo Nordisk, however, fell sharply by 17% after the manufacturer of Wegovy lowered its full-year forecast, significantly reducing the Stoxx 600's earlier gains. The euro continued its decline to USD 1.156 (-0.25%), marking a more than one-month low as concerns about Europe's relative position in trade increased.
► Wall Street steadies near record highs ahead of Fed & earnings wave
US equity futures advanced slightly, with S&P 500 futures +0.25% and Nasdaq 100 +0.45%, as traders digested a packed macro week. The JOLTS job openings and consumer confidence data are in focus today, ahead of Wednesday’s Fed rate decision, where no change is expected but forward guidance may shift. Markets are also bracing for Big Tech earnings, with Microsoft and Meta reporting tomorrow. The USD remains strong (DXY +0.23%) after its biggest two-day gain in two months. 10Y Treasury yields eased slightly to 4.395% (-2.5 bp).
► Asia mixed as Japan falls, India and China edge higher
Asian equities delivered mixed performances as investors monitored the US-China trade truce talks and awaited major global events. The Nikkei dropped -0.79%, led lower by exporters and a cautious mood ahead of the Fed. In contrast, India’s Nifty 50 rose +0.57% and South Korea’s Kospi +0.66%, as investors priced in earnings optimism. Shanghai +0.33% and Shenzhen +0.64% posted moderate gains supported by easing commodity prices. Taiwan's index fell -0.9%, dragged by semiconductors. FX markets remained in risk-off mode, with USD/JPY firm at 148.65 (+0.1%) and AUD and NZD softer.
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