📆 Tuesday, September 10
► European stocks showed positive movement as the Stoxx Europe 600 gained 0.2%. Pharmaceutical giant AstraZeneca plunged over 5% after mixed results from its lung cancer drug trial. Investors are cautiously awaiting the European Central Bank’s rate decision later this week (Wednesday), while the EUR remained steady. The UK unemployment rate improved slightly to 4.1%. Germany’s inflation rate eased to 1.9% in August in-line with preliminary data, as energy price declines offset rising service costs. Germany’s retail sales also posted a 1.8% MoM increase, offering rare positive sentiment in the region.
► US equity futures remained steady after the S&P 500's 1.2% surprise (for us: expected) rise on Monday, bouncing back from a difficult start to September. Investors are anxiously awaiting tomorrow’s CPI data, expected to show a 2.6% annual increase (3.2% for core inflation YoY), marking the smallest rise since 2021. Meanwhile, political uncertainty looms with the upcoming debate between former President Donald Trump and Vice President Kamala Harris, adding to the returned cautionary tone. Treasury yields inched higher in pre-market trading, with the 10-year hitting 3.715% (+1.5 bps) , and the USD strengthened for the third day (DXY up 0.15%).
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