- Wall Street launched today's trading slightly higher, with S&P 500 and Nasdaq climbing to intraday record highs following a deceleration in PCE inflation and downward revision to University of Michigan inflation expectations
- However, US indices has since erased all the daily gains and now S&P 500 trades flat, Nasdaq and Dow Jones drop around 0.1% each, while small-cap Russell 2000 declines 0.2%
- US headline PCE inflation decelerated from 2.7% to 2.6% YoY in May (exp. 2.6% YoY), while core measures decelerated from 2.8% to 2.6% YoY (exp. 2.6% YoY)
- US personal income was 0.5% MoM higher in May (exp. +0.4% MoM), while personal spending was 0.2% MoM higher (exp. +0.3% MoM)
- Revision of University of Michigan data for June turned out to be a surprise. Headline consumer sentiment index was revised from 65.6 in first release to 68.2, with Current Conditions and Expectations subindices being revised higher
- Moreover, UoM data showed a downward revision to inflation expectations - 1-year expectations were revised from 3.3% to 3.0%, while 5-10 year expectations were revised from 3.1% to 3.0%
- Nike slumped 20% after the company lowered its full-year fiscal-2025 revenue guidance
- US presidential debate has been widely considered a win for Donald Trump, with odds of him winning the presidency jumping above 60%. However, there was no major reaction of the markets to debate
- European stock markets indices finished the final trading session of the week mostly lower - UK FTSE 100 dropped 0.2%, while Dutch AEX, Spanish IBEX and Italian FTSE MIB moved 0.1% lower. German DAX was the outperformer with 0.1% gain
- French CAC40 dropped almost 0.7% today as investors' reduced exposure to French market ahead of first round of parliamentary elections scheduled for this week
- Corn and cotton drop after WASDE reported showed larger corn and cotton acreage than suggested in March projections
- ZAR gained after secretary-general of ANC party said that negotiations on unity government are getting close to a deal
- Precious metals trade higher today - gold trades flat, but silver and platinum gain 0.8%, while palladium rallies almost 4%
- Energy commodities pull back - oil is down 0.2%, while US natural gas prices decline over 3%
- AUD and NZD are the best performing major currencies, while JPY lag the most
- Fed Daly said that even as labor market is slowing, it is still extremely strong
- Fed Bowman said that while there is strong employment, Fed has not quite reached its inflation goal
- Monthly GDP report from Canada showed economic activity growing 0.3% MoM in April (exp. 0.3% MoM)
- French CPI inflation decelerated from 2.3% to 2.1% YoY in June (exp. 2.2% YoY), while Spanish CPI inflation slowed from 3.6% to 3.4% YoY (exp. 3.3% YoY)
- German unemployment rate ticked higher from 5.9% to 6.0% in June (exp. 5.9%)
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