- Wall Street indices finished yesterday's trading with big gains after US PPI report for July show big deceleration in headline and core producers' price growth
- S&P 500 finished 1.68% higher, Dow Jones added 1.04%, Nasdaq rallied 2.43% and small-cap Russell 2000 moved 1.55% higher
- Indices from Asia-Pacific trade mixed today - Nikkei drops 0.1%, S&P/ASX 200 gains 0.4%, Kospi jumps 0.6%, while indices from China trade slightly lower
- European index futures point to a higher opening of the today's cash session on the Old Continent
- NZD is top laggard among major currencies today after Reserve Bank of New Zealand unexpectedly decided to cut rates
- RBNZ delivered a 25 basis point rate cut, putting the cash rate at 5.25%. Markets and economists were expecting rates to stay unchanged at 5.50%
- RBNZ Governor Orr said that he is confident inflation is back in its target range and that the bank can begin to normalise rates
- Money markets are expecting RBNZ to follow with another cut at its next meeting in October. 29 basis points of easing are priced in for October 9 meeting, while 67 basis points of easing are priced in by November 6 meeting
- API report suggested a big 5.2 million barrel draw in US oil inventories (exp. -2.0 mb)
- Major cryptocurrencies are trading mixed - Ethereum gains 0.3%, Bitcoin trades flat and Dogecoin drops 0.3%
- Energy commodities trade slightly higher, with oil and US natural gas prices adding 0.2-0.3%
- Precious metals pull back - gold drops 0.1%, silver trades 0.3% lower and platinum declines 0.5%
- EUR and GBP are the best performing major currencies, while NZD lags the most
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