Dow futures gains 25 points, U.S. market news Aug 11

Dow Futures contract was up 25 points, or 0.1%, at 06:30 ET (10:30 GMT), while the S&P 500 Futures contract was down 25 points, or 0.2%, and the Nasdaq 100 Futures contract was down 25 points, or 0.2%.

U.S NEWS

1. What’s influencing markets are News Corp.’s AI initiatives and PPI ahead.
2. Dow futures rise as PPI figures are highlighted.
3. Due to the strengthening currency and rates, gold will have its worst week in seven weeks.
4. The IEA lowers its demand projection for 2024 and warns of the possibility of increased oil prices.
5. Futures calmed following tumultuous session; attention focused on inflation data
6. US grants Oxy, Climeworks-led carbon air capture hubs $1.2 billion in funding.
7. Compared to the prior quarter, Air Canada reported a profit.
8. Tourists are launched into space by Virgin Galactic.
9. Spread of ChatGPT fever to US workplace alarms some
10. In the acquisition of Credit Suisse, UBS won’t require a government loss protection agreement.
11. Dow futures move up little as CPI declines
12. U.S. stocks were higher at the market’s closing, with the Dow Jones Industrial Average rising by 0.15%.
13. After a spike in inflation figures for July, Wall Street ends flat.
14. Following the CPI figure, little love is shown for gold, while China-related concerns hurt copper.
15. US cyber investigation includes Microsoft’s role in the data breach, according to Bloomberg News.
16. Oil prices rise slightly as OPEC expects more demand.
17. As a result of Archer’s settlement with Boeing Wisk, its shares increased.
18. In the first half of 2023, Carrefour Brazil’s wholesale division will add 15,000 positions.
19. Maxeon’s stock plunges 21% after Q2 revenue expectations are missed.
20. Despite a positive Q2 result, Arlo Technologies’ stock drops by 7%.
21. Michael Kors partnership with Coach owner builds US giant to compete with European luxury rivals

GLOBAL NEWS 

1. Australian equities fell at the closing of trading; the S&P/ASX 200 fell by 0.24%.
2. Indian markets fell at the closing of trading; the Nifty 50 fell by 0.59%.
3. Asian corporations’ earnings predictions are boosted by optimistic consumer trends.
4. China markets are likely to experience Country Garden credit difficulties, according to Moody’s
5. European markets decline due to concern regarding US inflation
6. China’s July new bank loans dropped, and credit growth slowed down even more.
7. In Q2 of 2018, Hong Kong’s economic growth slowed to 1.5%.
8. In its sixth Asia-focused fund, private equity giant CVC has raised $4.45 billion so far.
9. European stock futures decline, although the U.K. GDP expands a little faster than anticipated
10. Despite concerns about China, the dollar strengthens throughout Asia.
11. ChatGPT fever expands to US workplace, alarming some
12. As the US CPI fails to inspire, Asian markets tumble to a month low.
13. Oil prices fluctuate between OPEC optimism and the CPI fallout.
14. Asian stocks decline on worries about China, but the U.S. CPI provides no relief
15. ECB to pause in September, according to a thin majority of economists surveyed by Reuters
16. Singapore lowers its GDP forecast while avoiding a recession
17. Yen nears 145; dollar steady after CPI data supports Fed pause predictions.
18. Chinese bourses upgrade their trading processes to boost the stock market.
19. Even while the area starts to decrease rates, the Bank of Mexico maintains its current level.
20. The outlook for Singapore’s Q2 GDP in 2023 has been downgraded.
21. On the unexpected move by the RBI, Indian banks and indexes drop; metals shine and defy market sentiment.

Economic data

• US mortgage delinquency rates fall to 3.37% at the end of the second quarter, according to the Mortgage Bankers Association’s National Delinquency Survey, their lowest since the MBA began collecting data in 1979 and down from 3.64% year-on-year.
• President Biden calls China a “ticking time bomb” as the country faces economic challenges and said they were in trouble because of weak growth. “They have got some problems. That’s not good because when bad folks have problems, they do bad things,” Biden said.
•  Headline Consumer Prices (CPI) for July m/m rises +0.2%, in-line with consensus and prior while on a y/y basis rises 3.2% vs. 3.3% and expected and 3.0% prior. On a core basis, ex food & energy, July CPI m/m rises +0.2%, also in-line with consensus and prior reading and +4.7% y/y vs. est. +4.8% and prior month, and real average weekly earnings unchanged in July.
•  Weekly Jobless Claims rose to 248K in the latest week vs. est. 230K while the prior week unrevised at 227K; the 4-week moving average rose to 231K from 228,250 the prior week; continued claims fell to 1.684M from 1.692M prior (est. 1.710M).

Global Economic Data

Chinese stocks fell on Friday, as investors were disappointed by authorities’ latest stimulus measures, amid fresh data showing that the post-pandemic recovery is continuing to lose steam. Shanghai and Shenzhen stock exchanges said late Thursday they would study measures to lower investors’ trading costs and improve liquidity to further stimulate the market.

Economic Calendar

8:30 AM                 Producer Price Index (PPI) M/M headline for July

8:30 AM                  Producer Price Index (PPI) Y/Y headline for July

8:30 AM                  PPI Ex: Food & Energy (core) M/M for July

8:30 AM                  PPI Ex: Food & Energy (core) Y/Y for July

10:00 AM                University of Michigan Confidence, July-P

10:00 AM                University of Michigan 1-yr and 5-yr inflation expectations

1:00 PM                   Baker Hughes Weekly rig count data

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