Markets Speculate On Fed Rate Cut Size

A weaker-than-expected level of job openings in the U.S. boosted expectations of a big rate cut by the Fed to revive the labor market. Overall sentiment however remains cautious as markets wait for the weekly update on initial jobless claims and the monthly readings on Services PMI due on Thursday morning as well as the highly influential non-farm payrolls and unemployment due from the U.S. on Fridy morning.

Wall Street Futures are trading close to the flatline. European benchmarks are trading on a mostly negative note. Asian stock indexes finished trading on a mixed note.

Dollar Index extended losses. Bond yields hardened. Crude oil prices rebounded as markets speculated on potential delays to supply hike by OPEC+. Gold rallied amidst an unexpected decline in U.S. job openings. Cryptocurrencies are trading mixed.

Here is a snapshot of the major world markets at this hour.

Stock Indexes:

DJIA (US30) at 40,990.10, up 0.04%
S&P 500 (US500) at 5,520.20, up 0.00%
Germany’s DAX at 18,614.95, up 0.13%
U.K.’s FTSE 100 at 8,253.01, down 0.20%
France’s CAC 40 at 7,449.41, down 0.69%
Euro Stoxx 50 at 4,828.55, down 0.40%
Japan’s Nikkei 225 at 36,649.00, down 1.07%
Australia’s S&P ASX 200 at 7,982.40, up 0.40%
China’s Shanghai Composite at 2,788.31, up 0.14%
Hong Kong’s Hang Seng at 17,444.30, down 0.07%

Currencies:

EUR/USD at 1.1098, up 0.14%
GBP/USD at 1.3162, up 0.16%
USD/JPY at 143.51, down 0.15%
AUD/USD at 0.6722, down 0.02%
USD/CAD at 1.3517, up 0.08%
Dollar Index at 101.19, down 0.16%

Ten-Year Govt Bond Yields:

U.S. at 3.771%, up 0.08%
Germany at 2.2275%, up 0.52%
France at 2.953%, up 0.85%
U.K. at 3.9705%, up 0.88%
Japan at 0.882%, up 0.92%

Commodities:

Brent Oil Futures (Nov) at $73.06, up 0.50%.
Crude Oil WTI Futures (Oct) at $69.42, up 0.32%.
Gold Futures (Dec) at $2,544.20, up 0.72%.

Cryptocurrencies:

Bitcoin at $56,781.76, up 0.30%
Ethereum at $2,394.01, down 0.13%
BNB at $504.64, up 0.72%
Solana at $132.64, up 2.55%
XRP at $0.5505, down 0.23%.