- Wall Street indices are pulling back, dragged down by the tech sector. S&P 500 drops 1.3%, Nasdaq is down 2.6% and small-cap Russell 2000 declines 0.8%. Dow Jones is the outperformer with 0.5% gain at press time
- Today's sell-off is driven by media reports saying that United States warned its allies that it may impose a severe trade restrictions on company's which provide China with advanced semiconductor technology, with Dutch ASML and Japanese Tokyo Electron being primary targets
- ASML plunged almost 11% today. Declines can also be spotted among US semiconductor stocks with Nvidia dropping almost 6% and AMD plunging 8%
- European stock market indices traded lower today. German DAX dropped 0.4%, French CAC40 was 0.1% down, Dutch AEX slumped 1.8%, while Polish WIG20 plunged 1.3%. UK FTSE 100 gained 0.3%, while Italian FTSE MIB and Spanish IBEX traded a touch above yesterday's close
- Fed's Barkin said that US central bank will for sure debate at July meeting whether inflation can still be described as elevated
- Fed's Waller said that exact timing of rate cut doesn't matter a lot and that it remains an open question
- US housing market starts increased 3.0% MoM in June to 1353k (exp. 1300k), while build permits increased 3.4% MoM to 1446k (exp. 1395k)
- US industrial production increased 0.6% MoM in June (exp. 0.3% MoM), while manufacturing output was 0.4% MoM higher (exp. 0.1% MoM). Capacity utilization improved from 78.7 to 78.8% (exp. 78.4%)
- Atlanta Fed GDPNow growth forecast for Q2 increased from 2.5% to 2.7%
- Weekly report on US oil inventories show 4.87 million barrel drop in headline crude inventories (exp. -0.1 mb), a 3.33 million barrel build in gasoline inventories (exp. -1.7 mb) and a 3.45 million barrel build in distillate inventories (exp. -0.8 mb)
- UK headline CPI inflation unexpectedly remained unchanged at 2.0% YoY in June (exp. 1.9% YoY), while core CPI inflation remained at 3.5% YoY (exp. 3.3% YoY)
- Final CPI data for June from euro area confirmed slowdown in headline inflation from 2.6% to 2.5% YoY as well as core inflation staying unchanged at 2.9% YoY, as suggested by flash release
- New Zealand's CPI inflation slowed from 4.0% to 3.3% YoY in Q2 2024 (exp. 3.4% YoY). On a quarterly basis inflation slowed from 0.6% in Q1 to 0.4% QoQ (exp. 0.5% QoQ)
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