US Market Open: Contraction/recession concerns post-PMIs hit sentiment, Gilts sink post-Kwarteng
Punti chiave:
- European bourses are pressured across the board after the Flash PMI releases for the region indicate a contraction & resurgence in price pressures; Euro Stoxx 50 -1.5%
- Stateside, futures are lower in sympathy and continuing APAC performance awaiting their own PMI metrics and Fed commentary
- Gilts decimated to sub-99.00 from the 102.30 region in wake of the mini-Budget and accompanying fund consideration and potential inflationary implications
- DXY surging to a fresh 112.3+ peak to the detriment of peers across the board, GBP pressure exacerbated post-Kwarteng
- Crude benchmarks are pressured by pronounced USD strength and risk action amid recessionary fears; awaiting potential weekend updates
- Looking ahead, highlights include US Flash PMIs and a speech from Fed Chair Powell.
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