- Markets are further digesting and recovering from Monday’s turn of events in the different asset classes in financial markets. This Wednesday looks to be a second consecutive day of recovery this week, with several major assets heading back to their starting position pre-Monday.
- The US 10-year yield is also recovering and even returning to 4%, trading around 3.90% on Wednesday. The interest rate differentials between the United States (US) and other major countries are widening again in favor of the Greenback.
- At one point this week, the CME Fedwatch tool started pricing in emergency interest rate cuts from the US Federal Reserve (Fed). However, the Fed and its Chairman, Jerome Powell, have made it very clear on previous occasions that the central bank will not act on a single turn of events to save the day for equity markets. Concerns amongst traders on a possible Fed policy mistake are growing.
- The Lebanese group Hezbollah launched a series of drone and rocket attacks against Israel on Tuesday in retaliation for Israel’s reported killings of a top Hezbollah commander and Hamas leader last week. A counter-reaction from Israel is to be expected.
- Chinese export data showed only 7.0% growth year-over-year in July, down from 8.6% a month earlier and missing the 9.7% expected by analysts. Chinese imports rose substantially by 7.2%, above the 3.5% expected
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