- Wall Street indices finished yesterday's trading mixed - S&P 500 gained 0.07%, Nasdaq moved 0.15% higher, Dow Jones dropped 0.13% and small-cap Russell 2000 traded over 0.3% lower
- First day of Powell's semi-annual testimonies yesterday turned out to be largely a non-event, with Fed Chair offering no surprises. Powell left the door open for rate cut in September, but at the same time stressed that Fed does not have confidence in inflation yet
- Indices from Asia-Pacific trade mixed today - Nikkei gains 0.5%, S&P/ASX 200 drops 0.1%, Kospi trades flat and Nifty 50 plunges 0.9%
- Indices from China trade mostly lower, with Hang Seng dropping 0.3%
- European index futures point to a flat or slightly lower opening of today's cash session for major indices from the Old Continent
- NZD drops after Reserve Bank of New Zealand left interest rates unchanged, in-line with market expectations. However, RBNZ said that it expects headline inflation to return to 1-3% range in the second half of this year, boosting market hopes for a rate cut
- Markets are now fully pricing in a 25 basis point rate cut from RBNZ at October meeting
- Chinese CPI inflation slowed from 0.3% to 0.2% YoY in June (exp. 0.4% YoY), while PPI inflation came in at -0.8% YoY (exp. -0.8% YoY), compared to -1.4% YoY in May
- API report yesterday showed a 1.9 million barrel drop in US oil inventories (exp. -0.2 mb). Gasoline inventories declined 2.95 million barrels, while distillate inventories were 2.34 mb higher
- Cryptocurrencies trade higher, with Bitcoin adding 2%, Ethereum gaining 1.6% and Dogecoin moving 1.7% higher
- Energy commodities trade lower - oil drops 0.8%, while US natural gas prices are down 0.3%
- Precious metals pull back - silver drops 0.1%, platinum trades 0.2% and palladium declines 0.7%. Gold outperforms with a 0.3% gain
- EUR and GBP are the best performing major currencies while NZD and JPY lag the most
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