investingLive European markets wrap: Eurozone inflation ticks up in July; USD/JPY intervention again?
Headlines:
- How have interest rate expectations changed after this week's events?
- BOJ governor Ueda says to expect to keep raising interest rates in response to economic, financial conditions
- BOJ governor Ueda says will conduct monetary policy in a manner so as to not fall behind the curve
- BOJ leaves rates unchanged as expected. Vote was 8-1
- ECB's Kocher: Decisions to be based on incoming data to bring inflation back to the 2% target
- Euro area inflation nudges up in July, keeps the pressure on the ECB
- French inflation accelerates in July, reaffirming the broader trend in the region
- Italy July preliminary CPI +2.8% vs +2.8% y/y expected
- German unemployment rises by slightly more than anticipated in July
- South Korea's KOSPI extends rebound in closing stages of the week, now up 17% today
Market update:
- USD and AUD lead, CHF lags on the day
- WTI crude up 0.7% to $84.20
- European indices mostly higher; S&P 500 futures up 0.5%
- US 10-year yields up 1.2 bps to 4.675%
- Gold down 1.1% to $4,057
- Bitcoin down 1.3% to $63,887
As we count down to the end of the month, markets are still seeing some volatile swings in ending the week.
The rebound in tech shares continues after South Korea's benchmark KOSPI index posted near 18% gains today. And that's setting a more positive backdrop for broader markets.
European stocks are pushing modestly higher with the DAX up 0.7% and CAC 40 up 0.9%, while US futures are posting solid gains as well in looking to wrap up the week. S&P 500 futures are up 0.5% with Nasdaq futures up 1.3% currently. No hyperscaler worries this week is also helping to bolster the mood, for now at least.
Besides that, we once again had another taste of Japanese yen volatility with a suspected second round of intervention. USD/JPY recovered well from yesterday's drop to settle above 160.00 today before being shot back down to 158.55 in a jiffy during the session. It was a gradual recovery after but one that is quick to see the pair move back up by 0.3% to 160.05 currently.
At the same time, the dollar is seeing a modest bounce as well with EUR/USD down 0.3% to 1.1495 and USD/CHF up 0.5% to 0.8095 on the day.
In terms of economic data, we had euro area inflation numbers for July and they were a tad hotter than expected. That will just serve to keep the ECB on their toes ahead of a likely rate hike again in September.
In other markets, oil prices are settling just a little higher with WTI crude up 0.7% to $84.20 and 10-year Treasury yields also just a touch higher by nearly 2 bps to 4.68%. Meanwhile, gold is seen down 1.1% to $4,057 as the back and forth continues for precious metals.
This article was written by Justin Low at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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