Wall Street futures down ahead of a slew of economic data, earnings and the U.S. Federal Reserve’s policy meeting
Global shares headed for their first monthly loss in six months on Tuesday ahead of a slew of economic data, earnings and the U.S. Federal Reserve’s policy meeting, while the yen weakened a day after suspected intervention lifted it from 34-year lows.
The continent-wide STOXX 600 stocks index slipped 0.2 per cent in early trading, with Germany’s DAX down 0.47 per cent and France’s CAC 40 slipping 0.32 per cent. Britain’s FTSE 100 advanced 0.31 per cent.In terms of earnings, Apple will be in the spotlight when it reports first-quarter earnings after the closing bell.
Markets had been anticipating that Japan might intervene to prop up the yen after the currency fell more than 10 per cent against the dollar this year. “We are ready 24 hours, so whether it’s London, New York or Wellington , it doesn’t make a difference,” the vice finance minister for international affairs told reporters.
“Either you believe that inflation fundamentals advocate for a structural rebound in inflation, or more, Q1 was a set-back and things are going get back into landing mode,” Lombard Odier economist Samy Chaar said, adding that this second scenario was his base case right now.Traders are now pricing in 35 basis points of cuts in 2024, drastically below the 150 bps of cuts priced in at the start of the year.
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