German factory orders data for August was released this morning at 7:00 am GMT. The report was expected to show a 2% month-over-month plunge in orders.The actual report showed a 5.8% month-over-month slump, adding to the recent string of downbeat reports from the German economy.Â
ECB’s Francois Villeroy said that the bank “will quite probably cut rates in October”. According to the banker, the inflation is expected to fall to 1.8% by the end of the year, so the ECB shall shift its attention towards the risk of weak economic growth
The Adani Group is entering talks to buy Indian cement maker Heidelberg Materials
Arcadium Lithium shares gain over 30% following news of Rio Tinto's interest in acquiring the company
Hang Seng extended the wave of gains today, adding more than 1.8%, with CHN.cash 2.8% higher. Tomorrow Golden Week will come to an end and trading will resume on mainland Chinese indices.
German DE40 is currently the worst performing and is 0.51% down, followed by NED25 and SUI20. French CAC40 and Polish W20 are flat. Spanish SPA35 is best performing index with a rise of 0.55%
US equities are set for a lower close, with the Russell 2000 leading losses, down 0.7%. The S&P 500 is down by 0.28% with Nasdaq 100 0.34% lower.
Milton strengthened into a catastrophic Category 5 hurricane as it bears down on Florida’s west coast, where residents have begun to flee inland in a region still recovering from Helene’s devastation.
Citi now expects a 25bp Fed rate cut in November, down from its previous forecast of 50bp. The market is currently pricing in an 85% chance of a 25bp rate cut in November. Traders see less than 50bps of further Fed cuts this year.
Polymarket now gives Donald Trump a 54% chance of winning the 2024 U.S. elections, the highest level since August.
German Finance Minister Lindner: The Franco-German partnership is so strong that we can exchange different views on difficult topics such as EU tariffs.
Oil started today's session very calmly, but early in the afternoon, oil returned to gains, continuing the strong movements from last week. Both Brent and WTI are 3% higher, currency trading at $80.67 and $77.04 respectively.
The strongest currency today is the Swiss Franc, gaining more than 0.4% to both Euro and USD. JPY is also strong and losing only to CHF. British pound is the worst performing currency todayÂ
The cryptocurrency market is seeing big gains today. Ethereum is up 2.4%, Dogecoin rises by 2.6%, and Bitcoin is higher 2.3%, to around 63,6300 USD.
Precious metals are selling-off today: gold losses 0.3%, silver is down 1.3%, while platinum is 1.6% lower.