The S&P 500 and Nasdaq 100 futures are trading near the flat line ahead of PPI and major bank earnings before the market opens today, and the Fed Chairman Powell speech at noon in front of the House Financial Committee. EU markets are trading marginally lower as well, the EURSX50 is down 0.3% and the DAX is lower by 0.24%. Asian markets traded mostly lower, the CSI 300 index lost 1.15% and is now the worst performing leading markets going back 12 months, and the NIKKEI lost 0.38%. The dollar is trading near the flat line versus majors ahead of Powell’s speech, at 92.62, down 0.12%. Gold and Silver are marginally higher, Gold is trading at $1,813 per ounce, up 0.25% and Silver is trading at $25.95 per ounce, up 0.14%. Oil prices are marginally lower from 2021 highs ahead of the Inventories numbers set to be released this morning, trading at $74.77, down 0.55% as investors fear China 2021 demand is going to come under the projected estimates after falling 3% in the January-June 2021 period, compared to the first 6-months of 2020.
US PPI at 8:30 am, Oil Inventories at 10:30 am, Fed Chairman Powel speech at 12:00 noon and the Beige Book at 2:00 pm are the important news on the agenda Wednesday, (all times EST).
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Both the S&P500 and the EURSX50 are near the flat line this morning, ahead of PPI and Powell’s house speech.
The GBPUSD continues to trade sideways as investors await Powell’s speach at noon US today.
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