Stocks Gain on Fed Bets & Bitcoin Slides - Europe Market Wrap
US stocks were set to open higher as traders awaited fresh inflation data after a sharp rise in Fed rate-hike bets. S&P 500 futures gained 0.2% and Nasdaq 100 futures rose 0.1%. Nvidia climbed nearly 3% in premarket trading, while Microsoft fell 2%. Shorter-end Treasuries rebounded ahead of October’s producer price data, though two-year yields remained on course for their worst week since 2024. Brent crude slipped below $96 a barrel after two days of gains as data pointed to an increasingly oversupplied global oil market. Friday’s PPI is taking on greater importance after a hotter-than-expected consumer inflation report and rising energy costs strengthened the case for tighter Fed policy. Swap markets are pricing at least a 25-bp hike at the December meeting and a strong chance of another increase in January. Elsewhere, Bitcoin fell below $70,000 for the first time since August as inflation and higher-rate concerns pressured crypto. Gold found some relief after a three-day selloff, while the Yen weakened beyond 160 per Dollar for the first time since September, reviving the prospect of intervention.
US stocks were set to open higher as traders awaited fresh inflation data after a sharp rise in Fed rate-hike bets. S&P 500 futures gained 0.2% and Nasdaq 100 futures rose 0.1%. Nvidia climbed nearly 3% in premarket trading, while Microsoft fell 2%. Shorter-end Treasuries rebounded ahead of October’s producer price data, though two-year yields remained on course for their worst week since 2024.
Brent crude slipped below $96 a barrel after two days of gains as data pointed to an increasingly oversupplied global oil market. Friday’s PPI is taking on greater importance after a hotter-than-expected consumer inflation report and rising energy costs strengthened the case for tighter Fed policy. Swap markets are pricing at least a 25-bp hike at the December meeting and a strong chance of another increase in January. Elsewhere, Bitcoin fell below $70,000 for the first time since August as inflation and higher-rate concerns pressured crypto.
Gold found some relief after a three-day selloff, while the Yen weakened beyond 160 per Dollar for the first time since September, reviving the prospect of intervention.