EQUITIES: Risk-Off Tone Persists, US Futures Eye Tuesday Lows
Aug-31 09:02
Equity markets sit lower ahead of the NY crossover, with US futures indicating another negative open later today. Yesterday's lows in the e-mini S&P remain intact for now, marking a key support at 3964.50.
- Japan's NIKKEI 225 closed lower by -0.37% at 28091.53 and the TOPIX ended 5.22 pts lower or -0.27% at 1963.16.
- Meanwhile, China's SHANGHAI closed down 25.082 pts or -0.78% at 3202.138 and the HANG SENG ended 5.36 pts higher or +0.03% at 19954.39.
- Across Europe, Germany's DAX trades lower by 59.79 pts or -0.46% at 12900.46, FTSE 100 down 43.95 pts or -0.6% at 7317.57, CAC 40 down 39.33 pts or -0.63% at 6170.26 and Euro Stoxx 50 down 11.16 pts or -0.31% at 3550.21.
- In US futures space, Dow Jones mini up 42 pts or +0.13% at 31815, S&P 500 mini up 7.25 pts or +0.18% at 3994.75, NASDAQ mini up 47.75 pts or +0.39% at 12408.
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MNI: EUROZONE JUL UNEMPLOYMENT RATE 6.6%
Aug-01 09:00
- MNI: EUROZONE JUL UNEMPLOYMENT RATE 6.6%
EQUITIES: European equities a little higher, but US futures lower
Aug-01 08:54
- Japan's NIKKEI up 191.71 pts or +0.69% at 27993.35 and the TOPIX up 19.8 pts or +1.02% at 1960.11.
- China's SHANGHAI closed up 6.72 pts or +0.21% at 3259.958 and the HANG SENG ended 9.33 pts higher or +0.05% at 20165.84.
- German Dax up 38.11 pts or +0.28% at 13518.73, FTSE 100 up 35.52 pts or +0.48% at 7457.85, CAC 40 up 23.43 pts or +0.36% at 6472.58 and Euro Stoxx 50 up 10 pts or +0.27% at 3717.2.
- Dow Jones mini down 64 pts or -0.2% at 32772, S&P 500 mini down 15.5 pts or -0.38% at 4117.75, NASDAQ mini down 56.5 pts or -0.44% at 12914.5.
UK: Truss Odds-On Favourite As Voting Starts In Conservative Leadership Contest
Aug-01 08:44
Betting markets continue to show Foreign Secretary Liz Truss as the odds-on favourite to win the Conservative leadership contest and become the next UK PM. Data from Smarkets gives Truss a 90.9% implied probability of winning the contest, with former Chancellor Rishi Sunak sitting on an implied probability of just 9.1%.
- The voting period of the contest begins today, with voting packs beginning to arrive at the homes of the approx. 160k Conservative party members who will decide the next PM over the coming month. The voting period closes 2 September, with the result announced Monday 5 September.
- The contest has seen both candidates tack hard to the right in an effort to win over the party membership with significant commitments on tax cuts proffered in an attempt to gain support. This morning Sunak announced that should he become PM, the basic rate of income tax would be reduced from 20% to 16% by the end of the next parliament.
Chart 1. Betting Market Implied Probability of Next Conservative Party Leader, %
Source: Smarkets
