Global stocks climbed toward a record and bonds extended gains as a subdued US inflation report eased concerns about an imminent interest-rate hike by the Federal Reserve. Brent snapped a six-day rally. The MSCI All Country World Index, the broadest measure of global equities, rose 0.1% to just shy of its intraday all-time high set last week. The Asia Pacific gauge added almost 1% in a tech-led rally, while futures indicated the rally will build in Europe. Earlier, the S&P 500 closed within touching distance of a record as traders pared bets on a September Fed hike to around 35%. Treasuries rallied across the curve with the yield on rate-sensitive two-year notes dropping two basis points to 4.18%. Bonds in Australia and New Zealand also advanced.
Also boosting sentiment toward equities, Brent crude dropped 0.8% to $88.25 a barrel. Gold, which typically benefits when rates aren’t increased, rallied to a two-month high, before paring its advance. Wednesday’s benign US inflation report, coupled with last week’s soft jobs data, gives the Kevin Warsh-led Fed more room to stand pat, easing a key concern for markets as stocks recover from a July selloff in artificial intelligence shares. Still, persistent price pressures and volatile oil markets are complicating the outlook, leaving traders sensitive to incoming economic data. US consumer prices rose 0.2% in July from a month earlier, a government report showed Wednesday, in line with economists’ forecasts, while a key underlying inflation measure matched its slowest pace since March 2021. Still, concern about sticky inflation and widening budget deficits have helped keep longer-maturity Treasury yields elevated. Thursday’s 30-year bond sale is expected to price at the highest financing rate in 25 years, after a $42 billion auction of 10-year notes drew the highest yield since 2007. The latest CPI reading and a cooler-than-expected jobs report may keep hawkish Fed officials at bay in September, said Gary Schlossberg, a global strategist at Wells Fargo Investment Institute. The AI trade regained momentum Thursday. South Korea’s Kospi Index rallied 4.2% to enter a technical bull market, with chipmakers Samsung Electronics Co. and SK Hynix Inc. both rallying more than 5%. However, caution lingered as Cisco Systems Inc.’s earnings failed to impress, sending its shares down 4.1% in extended trading. Cerebras Systems Inc. tumbled 17% after sales declined at its hardware business. US After Hours CURI +22.1%, OMER +20.8%, HLIT +18.8%, TBBB +13.8% sharply higher on earnings; STUB -14.8%, CBRS -14.7%, CSCO -3.9%, COHR -3% lower on earnings.
Nikkei +1.35% Hang Seng -0.01% CSI +0.54% Kospi +2.72% Shanghai +0.41% Shenzen +0.43%
Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P +0.10% Nasdaq +0.17% EuroStoxx +0.39% FTSE +0.25% Dax +0.25% SMI +0.23%
Macro :
- VIX Lowest Since Jan., SPY Put Fly Bought: US Options Snapshot
- DeepMind's Hassabis Pitched AI-Oversight Body Before Shake-Up -- WSJ
13F :
- Trian Cuts Janus Henderson Group LTD, Boosts GE Healthcare: 13F
- Berkshire Cuts General Mills, Exits Paychex: 13F
Keep an eye on :
- ADYEN NA : Adyen Boosts FY Net Revenue Forecast (1)
- Anthropic IPO : Anthropic Said in Talks to Buy Startup Decart for $6 Billion
- AAPL US : Apple in Talks to Pay Publishers to Improve AI-Powered Siri -- WSJ
- AUTO NO : Autostore 2Q Rev Beats Estimates, Plans $75m Share Buyback
- BMW GY : BMW i Ventures Joins CodeRabbit's $143m Series C Round
- CWC GY : Cewe Stiftung 2Q Sales EU143.9M
- CSCO US : Cisco 1Q Revenue Forecast Beats Estimates
- CTY1V FH : Citycon Approves Potential Divestment, Reports Earnings
- CRWV US : CoreWeave Warns of Difficulty If It Must Shift From Nvidia Chips
- PBB GY : Deutsche PBB 1H Pretax Profit EU16M
- DPZ US : FDA suspends licences of 4 Domino's Pizza outlets in Maharashtra for violating hygiene norms
- DNO NO : DNO 2Q Revenue Misses Estimates
- EUZ GY : Eckert & Ziegler 1H Revenue EU149.3M Vs. EU148.8M Y/y
- EMBRACB SS : Embracer 1Q Net Sales SEK3.94B Vs. SEK3.17B Y/y
- ERNS LN : DP World 1H Profit $585M vs $960M Y/Y
- EVO SS : Candle Lake Makes Mandatory Offer for Evolution at SEK695/Share
- EVT GY : Evotec 1H Adjusted Ebitda Loss EU42.7M
- EEZY FH : Eezy 2Q Revenue Above Estimates
- EQT SS : EQT Offers to Buy Australia’s Cleanaway Waste for $4.9 Billion
- ESENSE FH : Enersense FY Outlook Above Consensus; 2Q Revenue of EUR 73.1 Million, Compared With FactSet Estimates of EUR 73.3 Million (2 Est
- FAST NA : Fastned Raises FY oper. Ebitda-Margin Guidance to ~45%
- FOSL US : Fossil 2Q Net Sales $209.7M Vs. $220.4M Y/y
- FRA GY : Fraport July Frankfurt Airport Passengers +1.4%
- FNTN GY : Freenet Maintains FY Adjusted Ebitda Forecast
- FUL US : Activist Ancora Now Seeks to Buy H.B. Fuller Adhesives Unit
- GOOGL US : Departing Google chief scientist Jeff Dean has been in talks for a $10 billion valuation for his new AI startup
- GLJ GY : Grenke Forecasts FY Results
- HHFA GY : Hamburger Hafen 1H Ebit EU51.3M Vs. EU79.4M Y/y
- HLAG GY : Hapag-Lloyd 2Q Ebitda Margin Misses Estimates
- HFG GY : HelloFresh 2Q Revenue Matches Estimates, HelloFresh 2Q Sales at Constant Exchange Rates Miss Estimates
- KOMN SW : Komax 1H Ebit Margin 0.6% Vs. 2.2% Y/y
- KOSKI FH : Koskisen 2Q Revenue Misses Estimates
- LUMO FH : Lumo Kodit 2Q Net Rental Income Beats Estimates
- MAERSKB DC : Maersk Boosts FY Underlying Ebitda Forecast, Beats Estimates
- MANTA FH : Mandatum 2Q Pretax Profit Beats Estimates
- MEKKO FH : Marimekko 2Q Net Sales Miss Estimates
- MLP GY : MLP 1H Ebit EU60.4M Vs. EU42.7M Y/y
- AERO SW : Montana Aerospace 1H Net Sales EU518.4M
- MORLD NO : Moreld 2Q Revenue Beats Estimates
- NEE US : NextEra Energy Secures Funding for Up to 10 GW Gas Plants
- NNE US : Nano Nuclear Energy Q3 EPS $(0.19) Beats $(0.27) Estimate, Sales $214.042K Miss $456.667K Estimate
- NETC DC : Netcompany Boosts FY Organic Revenue Forecast
- NOVOB DC : US Energy Assets Now ‘Very Attractive’ to $109 Billion Novo Fund
- NOVOB DC : US Energy Assets Now ‘Very Attractive’ to $109 Billion Novo Fund
- NORBT NO : NORBIT Reports 2Q Revenue of NOK 831.6 Million, Compared With FactSet Estimates of NOK 827.5 Million
- NRC NO : NRC Group 2Q Revenue Under Estimates
- PNDORA DC : Pandora Boosts FY Organic Revenue Forecast,Pandora Estimates May Rise After Strong Quarter
- PSKY US : Paramount Has Discussed Creating a Board to Ensure CNN's Independence -- WSJ
- PSKY US : Paramount Has Discussed Creating a Board to Ensure CNN's Independence -- WSJ
- PSKY US : Ellison Weighs Moving CBS News Out of New York City: NYP
- PS US : Pershing Square Inc. 2Q Net Loss $40.5M
- PS US : Pershing Square Adds Visa, Netflix Among New Investments
- PHARM NA : Pharming Launches Joenja in Japan for Patients with APDS
- PPGN SW : PolyPeptide Group 1H Ebitda Beats Estimates, PolyPeptide Group Boosts FY Revenue Forecast
- RNK LN : Rank Group FY Adjusted EPS 10.5P, Est. 10.1P
- RAYB SS : RaySearch Reports 2Q Adj EPS of SEK 0.57
- RWE GY : RWE Raises Investments to €42 Billion by 2031 on Grid Spending, RWE Boosts FY Adjusted Ebit Forecast
- STUB US : Stubhub 2Q Adjusted Ebitda $105.7M
- SPM IM : Saipem Wins Middle East Offshore Contract Worth About $1.8b
- YSN GY : Secunet 1H Revenue Above Estimates
- SIP BB : Sipef Maintains FY Palm Oil Output Forecast
- SIX2 GY : Sixt 2Q Pretax Profit Beats Estimates
- SKAB SS : Skanska Signs $238m Contract for Data Center in Virginia
- S92 GY : SMA Solar 1H Ebitda EU88.3M Vs. EU9.1M Y/y
- SB1NO NO : SpareBank 1 Sor-Norge 2Q Pretax Profit Beats Estimates
- SOLARB DC : Solar 2Q Revenue Beats Estimates
- SAX GY Stroeer 1H Adjusted Ebitda EU273M Vs. EU266M Y/y
- TKA GY : Thyssenkrupp Narrows FY Adjusted Ebit Forecast, Thyssenkrupp Raises Outlook Slightly on Steel, Warship Gains
- VLA FP : Valneva 1H Product Sales EU64.0M Vs. EU91.0M Y/y
- V1NC GY : Vincorion Reports 1H Revenue of EUR 150.2 Million, Vincorion Sees 2026 Revenue at Upper End of Guidance Range
- SPCE US : Virgin Galactic 2Q Revenue Misses Estimates
- WAC GY : Wacker Neuson Confirms 1H Preliminary Results Published July 17
- FHZN SW : Zurich Airport July Passengers 3.33M
- ZEAL DC : Zealand Pharma 2Q Net Income Beats Estimates