U.S. Futures have been trending higher as traders await today’s important inflation data. Futures on Nasdaq 100.NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA(at 4:00 am EST on August 10th, they are respectively up by 0.70%, 0.64%, and 0.59%. WTI crude is also on the rise, hovering at $84.60 per barrel as of our last check.
Consumer Price Index (CPI), for July, is expected to be released at 8:30 am EST. Economists predict that the CPI will rise 0.2% in comparison to June, and 3.3% over the 12-month period ending July. In the meantime, today’s data on Initial Jobless Claims is due. Federal Reserve closely monitors both indicators when forming monetary policy. The Fed will then release another popular gauge, the Producer Price Index, tomorrow, on August 11. The Federal Open Market Committee (FOMC) will meet in September, and markets worldwide are speculating whether the Fed will hike or pause interest rates at the upcoming meeting.
The Walt Disney Co.DIS) reported mixed Q2FY23 results yesterday, with a declining subscriber count. Disney shares increased despite news that the company had decided to raise the price of its adless streaming services Disney+, Hulu, as well as crack down on password-sharing. Wynn Resorts shares (also) rose.WYNN) rose in extended trading after posting better-than-expected second-quarter Fiscal 2023 results. Alibaba, a Chinese tech giant, is among the notable companies that reported today.BABA), Ralph Lauren (RLSix Flags () and Six Flags (SIX).
Other European indices traded in positive territory Thursday, following the release of solid corporate earnings. Also, traders look forward to the U.S. CPI figures due later today.
Asia-Pacific Markets Finish Mostly in Green
On Thursday, the majority of Asia-Pacific indices were in positive territory. Japan’s wholesale inflation rate for July came in lower than June’s, rising 3.6% for the month. This news drove Japanese stocks to higher levels. Japan’s Nikkei and Topix indices ended higher by 0.84% and 0.92%, respectively.
Similarly, Hong Kong’s Hang Seng index finished near the flat line, while China’s Shanghai Composite and Shenzhen Component indices finished higher by 0.31% and 0.10%, respectively.
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