Tuesday, October 3, 2023

Markets are slowing their progress as they wait for inflation numbers

US stock futures are forecasting a negative opening in equity markets hit by Oracle’s unfavorable earnings forecasts and awaiting August inflation in the US.

In Europe, stock markets are seeing mixed behavior after ZEW economic expectations for the Eurozone fell from -5 to -8.9 in September, while those for Germany improved slightly, from -12.3 to -11. The BoE’s Catherine Mann said it was easier to correct too much tightening than not to change interest rates.

In Asia, the stock markets closed mixed. Japan’s Nikkei rose 0.95% while the Shanghai Composite Index fell 0.18%. Chinese real estate company Country Garden announced the restructuring of part of its debt.

The euro is trading at 1.071, while the DXY dollar index is up 0.25% at 104.83. The 2-year U.S. bond yield rose 0.8 basis points to 5.003%, while the 10-year yield fell 1.4 basis points to 4.274%. Oil prices rise by 1.19% (88.33 dpo), while gold prices fall by 0.74% (1,932.2 dpo). The VIX rose 1.96% to 14.07.

In Mexico, the dollar is trading at 17.32 pesos.

We started trading at 17.5000/17.5200, five cents below the previous close, with lows at 17.4990 and highs at 17.5840. This applies to transactions settled at the same daily value.

In Mexico, the corresponding industrial production data was released for the month of July, which was 0.5% compared to 0.4% and 4.8% compared to 4.2% on a monthly and annual basis. We do not have any relevant economic data for the USA.

The market continues to move towards levels near 17.5000; however, it appears that it could stage a comeback if it targets levels near 17.4000. Stock futures in the US are forecasting a positive opening in stock markets in anticipation of the release of inflation data. The dollar index is at 104.6; The euro is trading at 1.0725 after closing below 1.0700 in the previous session. Estimated range for the session: 17.4200–17.5500.

  • Same day 17.3400/17.3600
  • At least 17.2500
  • Maximum 17.3650
World Nation News Desk
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