Marcus Today Pre-Market Podcast – Tuesday 8th August

All three major US indexes closed higher on Monday, rebounding from their worst weekly fall since March, and ending near best levels, as investors position themselves ahead of Thursday’s CPI report due this week. Dow Jones saw its biggest advance in more than seven weeks, up 408 points (+1.16%). Dow at best up 432 points. S&P 500 halted a four-day drop, up 0.90%, and the NASDAQ gained 0.61%. The US dollar recovered from a one-week low, and the USD Index edged higher by 0.03%. Short-dated US Treasuries fell while 10Y yields rose after hitting November's peak. Treasury sales to test investor demand this week amidst the largest refunding auctions since last year. The market faces $103bn across 3, 10, and 30Y auctions this week, up $7bn from May. In corporate news, Berkshire Hathaway rose 3.4% after the company reported its highest-ever quarterly operating profit, Telsa slipped 0.9% after its CFO stepped down, and Apple fell 1.73% to book its longest losing streak of 2023.

ASX to bounce. SPI Futures up 29 points (+0.40%).

European markets ended mostly mixed but off worst levels. Focus in Europe on German industrial output for June missed estimates, Eurozone's August Sentix Investor Confidence improved but remains in contraction. UK's July Halifax house price index was below expectations. FTSE 100 0.14%, DAX -0.01%, CAC40 +0.08%, and STOXX 600 +0.09%. In Asia, equity markets mixed in a quiet day of trade. Japan reversed early losses to close slightly higher, up 0.41%. Hong Kong flat, off 0.01%, while mainland markets fell on steep falls in healthcare stocks Shanghai -0.59%, Shenzhen -0.83%, ChiNext -1%.

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