Futures are flat as traders prepare for a busy week, including the first Federal Reserve rate cut since March 2020. S&P futures were down slightly, while Nasdaq futures were down 0.3%. The market is pricing in a 50bps rate cut on Wednesday. Shares of Trump Media & Technology rose by up to 10% in premarket trading after the former president said he has “absolutely no intention of selling” his stake when a lockup expires this week. Bond yields are down as the curve bull steepens, pressuring the USD which slides for the 4th day in a row to its lowest level in more than eight months.
In premarket trading, Apple shares fell by 2.2% as demand for the iPhone 16 Pro series is lower than expected, according to analyst Ming-Chi Kuo. Intel rose by 1% as the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon. Other notable premarket movers include Colgate-Palmolive, Exact Sciences, Nuvalent, Stratasys, and Trump Media.
Stocks have not reacted to the biggest news of the weekend, a second assassination attempt on Donald Trump. The former president is safe after his Secret Service detail opened fire at a man who was wielding an AK47 assault rifle at his West Palm Beach, Florida, golf course Sunday. The suspect was later detained after a chase.
The start of a long-anticipated US easing cycle takes center stage this week, part of a 36-hour monetary roller coaster that includes policy decisions in Brazil, South Africa the UK and Japan. It’s come down to a virtual coin toss for traders on whether the Fed will go for a 25 or 50 basis-point cut.
European stocks are little changed as mining shares provide a drag after data showed China’s economy lost momentum in August. Among single stocks Rexel and Ipsen are the biggest gainers, while the biggest Polish insurer PZU plunged as heavy flooding hit the country’s southwest region.
Asian equities climbed for a third day, bolstered by expectations of a rate cut by the US Fed this week. Japan, Korea and China markets were closed for a holiday. In China, data published over the weekend showed industrial output recording its longest slowing streak since 2021, while consumption and investment were weaker than expected.
In FX, the Bloomberg Dollar Spot Index falls 0.4% to the lowest since January as traders added bets on a 50bps interest-rate cut by the Federal Reserve this week while expectations of a narrowing rate differential between the US and Japan boosted the yen.
In rates, Treasuries extended their gains, with the yield on the policy-sensitive two-year note falling to the lowest since September 2022 and outperformed as markets see higher odds that Wednesday’s Fed decision will be a half-point rather than a quarter-point rate cut.
In commodities,
Futures are flat as traders prepare for a busy week, including the first Federal Reserve rate cut since March 2020. S&P futures were down slightly, while Nasdaq futures were down 0.3%. The market is pricing in a 50bps rate cut on Wednesday. Shares of Trump Media & Technology rose by up to 10% in premarket trading after the former president said he has “absolutely no intention of selling” his stake when a lockup expires this week. Bond yields are down as the curve bull steepens, pressuring the USD which slides for the 4th day in a row to its lowest level in more than eight months.
In premarket trading, Apple shares fell by 2.2% as demand for the iPhone 16 Pro series is lower than expected, according to analyst Ming-Chi Kuo. Intel rose by 1% as the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon. Other notable premarket movers include Colgate-Palmolive, Exact Sciences, Nuvalent, Stratasys, and Trump Media.
Stocks have not reacted to the biggest news of the weekend, a second assassination attempt on Donald Trump. The former president is safe after his Secret Service detail opened fire at a man who was wielding an AK47 assault rifle at his West Palm Beach, Florida, golf course Sunday. The suspect was later detained after a chase.
The start of a long-anticipated US easing cycle takes center stage this week, part of a 36-hour monetary roller coaster that includes policy decisions in Brazil, South Africa the UK and Japan. It’s come down to a virtual coin toss for traders on whether the Fed will go for a 25 or 50 basis-point cut.
European stocks are little changed as mining shares provide a drag after data showed China’s economy lost momentum in August. Among single stocks Rexel and Ipsen are the biggest gainers, while the biggest Polish insurer PZU plunged as heavy flooding hit the country’s southwest region.
Asian equities climbed for a third day, bolstered by expectations of a rate cut by the US Fed this week. Japan, Korea and China markets were closed for a holiday. In China, data published over the weekend showed industrial output recording its longest slowing streak since 2021, while consumption and investment were weaker than expected.
In FX, the Bloomberg Dollar Spot Index falls 0.4% to the lowest since January as traders added bets on a 50bps interest-rate cut by the Federal Reserve this week while expectations of a narrowing rate differential between the US and Japan boosted the yen.
In rates, Treasuries extended their gains, with the yield on the policy-sensitive two-year note falling to the lowest since September 2022 and outperformed as markets see higher odds that Wednesday’s Fed decision will be a half-point rather than a quarter-point rate cut.
In commodities,
