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Markets Update: Nikkei surges, Wall Street futures inch up. Federal Reserve, Bank of England, and Bank of Japan meetings this week. Earnings reports from Microsoft, Amazon, and Meta.
Economic Calendar
Global Markets Roundup: 29 July 2024
Asian markets surged on Monday, kicking off a pivotal week marked by earnings reports and critical central bank meetings. Investors are closely monitoring the potential for dovish policy shifts in the United States and the United Kingdom, while Japan may signal the end of its prolonged low-rate environment. Oil prices experienced a modest rise amidst escalating tensions in the Middle East, following a rocket strike in the Israeli-occupied Golan Heights, attributed by Israel and the United States to Hezbollah.
Market Movements:
The prospect of increased borrowing costs in Japan pressured the Nikkei NI225, which fell 6% last week as the yen appreciated. However, the index rebounded 2.4% early Monday following a strong finish on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.9%, recovering from a 2% loss last week. Chinese blue chips dipped 0.9%, showing limited response to recent rate cuts. EURO STOXX 50 FESX1! futures gained 0.5%, FTSE Z1! futures rose 0.4%, S&P 500 ES1! futures increased 0.4%, and Nasdaq NQ1! futures advanced 0.7%.
Currency and Commodity Markets:
In currency markets, the Japanese yen extended its rally, with the USDJPY slipping to 153.40, close to last week's low of 151.93. The EURUSD remained stable at $1.0858, finding support around $1.0825 last week. The dollar index DXY, lost 0.1% to 104.27. The EURGBP was trading unchanged at 84.35, while GBPUSD climbed 0.07% to $1.2875.
GOLD prices firmed by 0.4% to $2,394 per ounce, buoyed by the possibility of a dovish Fed. Oil prices also edged up due to Middle East tensions, though concerns over Chinese demand persisted. Brent crude BRN1! rose 31 cents to $81.44 a barrel, while U.S. crude CL1! gained 22 cents to $77.38 per barrel. CBOT soybeans ZS1! was 1.07% lower at $10.37.
Economic Calendar Highlights:
- U.S. Jobs Report for July
- Key Manufacturing Surveys (U.S. and Global)
- Eurozone GDP and Inflation Data
- U.S. Treasury Bond Sale Plans
- China’s Politburo Meeting and Potential Stimulus Announcements
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team