• Wall Street equities closed mixed on July 8, with the DJIA fell by -0.08%, the S&P 500 edged up by +0.10% and the Nasdaq rose by +0.28%.
• Stocks indexes saw muted movement on Monday as the S&P and Nasdaq extended their gains from Friday's record highs following a jobs report that suggested a cooling labor market. This led to increased bets on a September rate cut by the Fed, with the CME FedWatch tool indicating that approximately 75% of traders expect a cut.
• The US Treasury market displayed mixed signals on Monday. The benchmark 10-year yield held steady at 4.28%, reflecting investor caution ahead of key economic data. Meanwhile, the shorter-term 2-year yield jumped by +2.0 bps to 4.62%.
• The US consumer expectations for inflation dipped in June for the second straight month, falling to 3.0% from 3.2% in May, reflecting a broad decrease in price outlooks.
• The Eurozone Sentix Investor Confidence Index for July registered a significant decline, reaching -7.3. This reading fell short of expectations, which were at -0.6.
• In Asia, Japan's current account surplus for May 2024 climbed to JPY2,849.9 billion, surpassing market forecasts of JPY2,450 billion. This represents a substantial increase compared to the JPY2,010.1 billion surplus recorded in May 2023.
• Global bond yields were mixed on Monday: the 10-yr German bund yield fell by -1.6 bps to 2.54%, the 10-yr UK gilt yield slid by -1.2 bps to 4.11%, and the Japanese 10-yr JGB yield rose by +1.6 bps to 1.10%.
