Stock Market

Given the dominance of U.S. data, traders were also focused on Wednesday’s inflation report, which could provide clarity on the size of the Federal Reserve’s rate cut when it meets next week.

The once rapid luxury growth in China now appears to be facing structural challenges rather than just cyclical downturns, leading to sharp revisions in earnings forecasts and stock ratings for several key players, as per analysts at Barclays.

Crude oil for October delivery was down 0.48% or 0.34 to $70.00 a barrel. Elsewhere in commodities trading, Brent oil for delivery in November fell 0.37% or 0.27 to hit $73.48 a barrel, while the December Gold Futures contract fell 0.51% or 12.85 to trade at $2,510.15 a troy ounce.

Europe stocks struggled for direction on Tuesday as investors remained cautious ahead of a raft of economic data in the run-up to the all-important U.S. jobs report on Friday, while German stocks hit all-time highs.

Gold Futures for December delivery was down 0.94% or 24.00 to $2,536.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 2.41% or 1.83 to hit $74.08 a barrel, while the November Brent oil contract fell 1.89% or 1.49 to trade at $77.33 a barrel.

 European shares hit a more-than-one-month high on Wednesday, boosted by technology stocks ahead of Nvidia (NASDAQ:NVDA)’s results later in the day and as Ageas’s better-than-expected results lifted insurance stocks.

Canada’s Bank of Montreal (BMO) reported quarterly profit below analysts’ estimates on Tuesday, its sixth miss in a row, hurt by weakness in its U.S. retail segment and as the lender made bigger than expected provisions for potential bad loans.

The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” Powell said on Friday during the Kansas City Fed’s annual conference at Jackson Hole, Wym.

With the data calendar relatively light across major economies this week, all eyes are on Wednesday’s release of the Fed’s July meeting minutes and Chair Jerome Powell’s speech at Jackson Hole on Friday for clues on the outlook for U.S. rates.

European shares fluctuated on Monday after their best weekly gain in three months, as investors braced for a data-heavy week with a focus on U.S. Federal Reserve Chair Jerome Powell’s speech at Jackson Hole for clues on potential rate cuts.