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US Stock Index Futures Extend Gains on Better Risk Appetite

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Equities

Major US stock-index futures extend gains supported by the improved risk sentiment. The latest developments on trade were positive to the stock market as they eased investors' concerns over the economic outlook. China and the United States will resume trade talks early October, where their success in reaching a trade deal could spur the economic activity and reduce uncertainty. Moreover, the Federal Reserve Chairman Jerome Powell declared on Friday that the Fed is not expecting a recession and the economy is in a good place. The Dow Jones Industrial Average futures rose to a five-week high of 26880, the S&P500 futures edged higher to 2987, and Nasdaq futures rallied to 7895.

USD

The dollar index, which measures the greenback against a basket of major currencies bounced off the lows and inched higher to 98.51. The buck dropped following the NFP figures, which showed that the US economy created only 130 thousand jobs in August missing the expectations of 160 thousand. However, the initial drop was limited as the report showed that the unemployment rate held steady at 3.7% despite the rise in the participation rate to 63.2%, and Average Hourly Earnings ticked higher to 3.2%. Furthermore, the Federal Reserve Chairman speech was seen less dovish as he stated that the Fed is not forecasting a recession and will act as appropriate to secure the current expansion. His comments pushed the dollar to recover all the incurred losses. The US 10-year yields advanced to 1.597%, the USDJPY rose to 107.02, and the EURUSD dipped to $1.1014.

Metals

Gold prices surrendered gains earned on the disappointing job creation and posted the lowest weekly close in three weeks. The price of a gold ounce raced higher to $1528 following the US jobs report which triggered concerns over the US economic activity. However, the bullion couldn't hold gains and tumbled to $1503 as Powell sounded less dovish in Switzerland. Meanwhile, the price of a silver ounce dropped to $17.91, and palladium hovered around $1540.

Oil

Oil prices extended gains on several confirmations that OPEC members will continue with agreed production cuts. The Kingdom of Saudi Arabia appointed a new Energy Minister and reemphasized the support to the ongoing OPEC+ output cut. Also, UAE's Energy Minister stated that OPEC and its allies are dedicated to balancing the oil market. The West Texas Intermediate crude futures rose to $57.26, and Brent futures rallied to $62.24.

Major Economic Events

GMT Country Event Expectation Previous

8:30

UK

GDP (QoQ)

-0.1%

-0.2%

8:30

UK

Manufacturing Production (MoM) (Jul)

-0.1%

-0.2%

8:30

UK

Industrial Production (MoM) (Jul)

-0.1%

-0.1%

8:30

UK

Trade Balance (Jul)

-9.6

-7.01


Disclaimer
 

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM.COM. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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