TheChek News Flow

European stock futures edged higher as traders awaited jobs data from the UK that will help determine Bank of England’s policy rate path. Key data from Germany is also due. The Euro Stoxx 50 rose 0.2% pointing to a third day of gains for the regional benchmark. The British pound and the euro were little changed. There’s now enough evidence that Britain’s labor market is cooling, according to Ana Andrade at Bloomberg Economics. That, however, may not be enough for the BOE’s Monetary Policy Committee to contemplate a pause just yet. “That’s because the threat to the central bank’s 2% inflation target from strong pay growth remains too high,” she wrote in a note. Germany’s economic recovery is in spotlight as well with the release of the ZEW survey, with sentiment likely weighed down by tighter monetary conditions. Investors will also keep a close eye on Apple Inc. as it’s set to unveil new iPhone 15 lineup later Tuesday. The tech titan is looking to snap several straight quarters of sluggish sales — its longest slump in two decades — and get consumers excited about upgrading again with new features. Meanwhile, stocks in Asia fluctuated and Chinese shares were back in the red. Gains triggered by news on Country Garden Holdings Co. — which secured payment extension approval from its bondholders — were not enough to keep the positive sentiment going for long. US stock futures were marginally lower after tech shares led the way forward Monday, with the Nasdaq 100 rising 1.2%. In currencies, the yen fell and the greenback steadied after falling by the most in two months. The yuan was little changed after China’s central bank set its daily fixing rate at below 7.20 versus the dollar, another sign that it won’t tolerate excessive yuan weakness.  The Japanese government saw a solid demand during the auction of its five-year bond Tuesday, with a higher-than-expected cut-off price. The consumer-price index report Wednesday will provide the latest insight into how much further the Fed may need to go to pull inflation back toward its target. Monthly inflation is expected to accelerate to 0.6% in August, while core is seen stable at 0.2%, according to economists’ estimates. Meanwhile, some 26% of respondents in the latest MLIV Pulse survey say they plan to decrease their exposure to the S&P 500 over the next month. That’s double the amount of those who plan to buy. Only 13% of respondents said they might increase exposure. In commodities, oil edged up, trading near the highest level this year before reports that may offer further insight into the market’s balances. Gold was little changed.  Bitcoin rose after dropping to the lowest since June on Monday, as the world’s largest digital token formed a so-called death cross pattern — in which the 50-day moving average falls below its 200-day marker. Such a crossover typically signals a loss of short-term momentum and further selling pressure ahead. US After Hours ADEA +5.8% after resolving litigation with NVDA; CASY +2.8% up on earnings; SGHT -25% down on guidance, ORCL -9.1% falling after AugQ earnings; CVS -0.8% slipping on reaffirmed FY23 outlook.

Macro :
- JPMorgan’s Kolanovic Trims Overweight Bonds in Favor of Cash

- ECB Rate Key to Italy Govvies, Banks' €1.6 Trillion 'Doom Loop'

Keep an eye on :

- ARM LN : Arm’s IPO Orders Are Already Oversubscribed by 10 Times

- CARLB DC : Carlsberg’s New CEO Targets Higher Growth Rate, Finans Says

- 2007 HK : Country Garden Rallies as Yuan Bond-Extension Votes Tallied

- KER FP : Alexander McQueen Designer Sarah Burton to Leave Kering Brand

- HLAG GY ; Kuehne Says Hapag-Lloyd Could Be Part of Possible HHLA Deal: FAZ

- ITP FP : Interparfums 1H Operating Profit Beats Estimates

- MFEA IM : Berlusconi’s Eldest Heirs Take Control of Media Mogul’s Estate

- OBEL BB : Orange Belgium Gets Contract Worth More Than €23M From Flanders

- SAS SS : SAS Extends Timeline for Equity Solicitation Process by One Week
- SESL FP : SES-Imagotag 1H Ebitda EU43.5M Vs. EU25.3M Y/y

- SZU GY : Suedzucker Unit Drops Plan to Lift French Sugar Output: Reuters

- SSYS US : Stratasys Board Rejects Revised Offer From 3D Systems (1)

- TIT IM : KKR Launches Search for Head of Telecom Italia Network Unit

- TTE FP : TotalEnergies to Extend €1.99/L French Fuel Price Cap

- TKA GY : Hastings, Thyssenkrupp Agree to Expand Terms of Offtake Contract

- VK FP : Vallourec Aims to Distribute Dividends From 2025