Market Spotlight On Recession, Fed Moves

Fears of a recession and concerns about the Fed’s potential rate trajectory swayed market sentiment across asset classes and regions. Though markets overwhelmingly expect a pause by the Fed in September, uncertainty remains over the Fed’s likely moves beyond that.

Wall Street Futures are trading in negative territory even as Apple shares edged higher in pre-market trade. European benchmarks are trading mostly lower amidst fears of a recession in the region. Asian stock markets finished in the red amidst a downward revision to Japan’s GDP numbers.

Dollar Index edged lower. Bond yields continued to ease. Crude oil prices surged amidst a more than expected decline in inventories in the U.S. Gold futures gained as easing bond yields and a weak Dollar weighed on sentiment. Cryptocurrencies rallied.

Here is a snapshot of world markets at this hour.

Stock Indexes:

DJIA (US30) at 34,445.40, down 0.16%
S&P 500 (US500) at 4,444.10, down 0.16%
Germany’s DAX at 15,617.35, down 0.64%
U.K.’s FTSE 100 at 7,417.67, down 0.32%
France’s CAC 40 at 7,163.01, down 0.46%
Euro Stoxx 50 at 4,193.55, down 0.65%
Japan’s Nikkei 225 at 32,609.50, down 1.21%
Australia’s S&P ASX 200 at 7,156.70, down 0.20%
China’s Shanghai Composite at 3,116.72, down 0.18%
Hong Kong’s Hang Seng at 18,202.07, down 1.34% (September 7)

Currencies:

EUR/USD at 1.0701, up 0.02%
GBP/USD at 1.2478, up 0.04%
USD/JPY at 147.28, down 0.01%
AUD/USD at 0.6394, up 0.28%
USD/CAD at 1.3668, down 0.09%
Dollar Index at 104.99, down 0.07%

Ten-Year Govt Bond Yields:

U.S. at 4.244%, down 0.45%
Germany at 2.5955%, down 0.86%
France at 3.128%, down 0.67%
U.K. at 4.4780%, up 0.61%
Japan at 0.641%, down 1.00%

Commodities:

Brent Oil Futures (Nov) at $90.44, up 0.58%.
Crude Oil WTI Futures (Oct) at $87.28, up 0.47%.
Gold Futures (Dec) at $1,949.30, up 0.35%.

Cryptocurrencies:

Bitcoin at $26,186.34, up 1.74%
Ethereum at $1,643.60, up 0.65%
BNB at $216.92, up 0.77%
XRP at $0.5041, up 1.16%
Cardano (ADA) at $0.2578, up 0.62%

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