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Market sentiment deteriorates ahead of Jackson Hole meeting

Market sentiment deteriorates ahead of Jackson Hole meeting

August 26, 2021 05:29
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    Equities struggle amid economic and China-related concerns

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    Dollar pressured by positive risk sentiment in thin markets

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    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

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    Stocks celebrate US inflation, dollar slumps

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    Equities struggle amid economic and China-related concerns

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    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

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    Market sentiment turns cautious amid events in the US

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Home » Market sentiment deteriorates ahead of Jackson Hole meeting

Market sentiment deteriorates ahead of Jackson Hole meeting

by Stephen Soo
August 26, 2021 05:29
in Fundamental analysis
0
Market sentiment deteriorates ahead of Jackson Hole meeting

Investors are now eyeing an update on US GDP and jobless claims

US stocks extended gains overnight, with the financial and energy companies leading the S&P 500 to another all-time high. The benchmark edged up 0.2% on Wednesday. The Dow Jones Industrial Average rose 0.1% and the Nasdaq gained 0.15%. Investors are now looking toward the Federal Reserve’s annual convention in Jackson Hole, which begins today.

On the data front, US durable goods orders dropped 0.1% in July, slightly better than the -0.3% forecast and the prior month was left unchanged at 0.8%. Investors are now eyeing an update on US GDP and jobless claims on Thursday ahead of a speech by the Fed’s Powell on Friday.

Asian equities slipped Thursday despite Wall Street stocks rose to all-time highs for the second straight day. MSCI IC Asia-Pacific index snapped a three-day rally, with Chinese tech equities slumping on disappointing earnings. Japan’s benchmark Nikkei 225 gained less than 0.1% and Hong Kong’s Hang Seng gave up 1.61%. The Shanghai Composite was down over 10.%. The Kospi in South Korea lost 0.8% after the country’s central bank raised its policy rate by 25 basis points.

In Europe, stocks opened lower today, with the pan-European STOXX 600 index falling 0.4% in early deals. Fresh data out of Germany showed that the GfK consumer sentiment index dropped to -1.2 points for September, from a revised -0.4 points a month earlier. As a reminder, Germany’s harmonized annual consumer prices rose 3.1% last month, hitting a 13-year high.

In currencies, the dollar is marginally higher today as risk sentiment deteriorated ahead of the Jackson Hole meeting. EURUSD was last seen flirting with the 20-DMA, staying above the 1.1750 region. If the 1.1780 area caps fresh bullish attempts in the short term, a pullback could be expected.

Tags: DOW JONESEURUSDFederal ReserveHang SengJerome PowellNasdaqNikkeiS&P 500Stoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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