- Wall Street indices are trading lower with major US stock market benchmarks trading around 1.0-1.5% lower at press time.
- Yields continue to climb slowly with 10-year US Treasury yield reaching 4.55% today. This continues to support USD and puts pressure on precious metals
- USD and JPY are the best performing G10 currencies while CAD and GBP lag the most
- Gold is down 0.7% on the day and is testing $1,900 per ounce area. Silver drops 0.8% while platinum declines 1%
- Oil is trading 0.6% higher while US natural gas prices drop 2.4%
- European stock market indices finished today's trading lower. German DAX dropped almost 1%, French CAC40 and Dutch AEX were down 0.7% while UK FTSE 100 finished flat
- Cryptocurrencies are pulling back - Bitcoin drops 0.4%, Ethereum declines 0.1% and Litecoin trades 0.6% lower. Dogecoin drops 1%
- According to Reuters report, Italian authorities may cut 2023 GDP forecast from 1.4 to 0.8% while forecast for 2024 may be lowered from 1.5 to 1.0%
- Fed Kashkari said that he estimates the probability of 'soft landing' at 60%. Kashkari also said that he sees 40% chance of Fed needing to raise rates significantly higher in order get inflation under control
- ECB Holzmann said that for him it is unclear whether ECB has reached peak rate levels. He also said that upside inflation risks are still there and he cannot rule out further rate hikes
- Amazon shares dropped almost 3% after US Federal Trade Commission along with 17 US state general attorneys filed a lawsuit against the company for 'illegally maintaining monopoly power'
- Conference Board consumer confidence index dropped from 106.1 to 103.0 (exp. 105.5)
- US new home sales for August came in at 675k (exp. 700k)
- Richmond Fed manufacturing index improved from -7 in August to +5 in September (exp. -6)
- US S&P/Case-Shiller 20-city house price index for July came in at +0.1% YoY (exp. -0.3% YoY)
Gold continues to pull back amid pick-up in yields and is testing the $1,900 support zone. Source: xStation5
