From Investing.com.: 2024-08-02 07:42:00

Federal Reserve Chair Powell is not confident enough to cut rates despite rising inflation towards 2%. Market reactions included the US tumbling from 4.40% to 4.10%, settling below 4% for the first time in six months. The dollar softened against most foreign currencies, with the Chinese yuan having its best week of the year. However, intense equity losses were seen in the Asia Pacific region, with European markets also down. In the futures market, the S&P 500 and Nasdaq fell, while bonds rallied. The busy week ended quietly in Europe, with highlights such as a 0.3% Q2 eurozone expansion and a quarter-point rate cut by the Bank of England. The US July nonfarm payroll report is expected to show a slowdown, and key labor market indicators suggest a downside risk. Canada and Mexico will also report employment data, with the Canadian dollar reaching a new low for the year amidst a risk-off sentiment.



Read more at Investing.com.: Equity Meltdown Continues as Attention Turns to the US Employment Report