US stock futures wavered around the flatline on Wednesday as investors digested the first busy day of the third-quarter earnings season and looked ahead to more corporate results this week.
Most Asian currencies weakened on Wednesday as uncertainty over U.S. interest rates and the upcoming presidential elections kept traders risk-averse, while the dollar remained at a near three-month high.
The market continues to wait for Israel’s response to Iran’s missile attack,” ING analysts said on Wednesday, adding the price strength on Tuesday was possibly due to the lack of outcome from U.S. Secretary of State Antony Blinken’s latest visit to Israel.
Bitcoin’s price fell on Wednesday as appetite for risk-driven assets remained weak amid uncertainty over the U.S. election and as traders positioned for smaller interest rate cuts by the Federal Reserve.
The International Monetary Fund on Tuesday said the German economy, Europe’s biggest, would stagnate this year, cutting its forecast from 0.2% growth previously.
While wage growth has eased since its 2022 peak, it remains higher than any point in the decade before the pandemic. However, despite this strength in labor data, business and consumer surveys have reflected weaker sentiment.
Four Federal Reserve policymakers on Monday backed further reductions in interest rates following the central bank’s decision to cut borrowing costs by an outsized 50 basis points in September.
Oil prices steadied near $74 a barrel on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world’s top oil importer, continued to weigh.
While speculation over a Donald Trump victory had initially boosted crypto prices, recent polls pointed to a tight race between Trump and Vice President Kamala Harris, denting risk appetite. Broader risk-driven assets retreated, which in turn weighed on sentiment towards crypto.
Hyundai Motor India shares fell as much as 7.6% in their market debut on Tuesday after a tepid response from retail investors to the country’s largest initial public offering on concerns the price was set too high and an auto industry slowdown.
