- Asian stocks show mixed performance on Friday, with Hong Kong’s Hang Seng index leading gains, up over 1%, while Japanese and South Korean markets lag.
- Focus turns to the Federal Reserve’s potential interest rate cut next week, with markets pricing in a 56% chance of a 25 basis point cut and a 44% chance of a 50 basis point cut.
- U.S. stock index futures remain steady in Asian trade, following overnight gains on Wall Street.
- Chinese markets show marginal gains, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rising slightly from seven-month lows.
- Japan’s Nikkei 225 and TOPIX indexes fall about 0.9% each, set for a muted end to a volatile week. The Bank of Japan meeting next week is in focus, with uncertainty over another rate hike.
- Gold prices hit a record high in Asian trade, with spot gold reaching $2,570.06 an ounce and gold futures nearing $2,600.
- The dollar retreats, with the dollar index and dollar index futures both down 0.3%. The Japanese yen strengthens, approaching its highest level since early January.
- Oil prices rose, with Brent crude up 0.5% to $72.31 per barrel and WTI crude up 0.6% to $69.36 a barrel. Hurricane Francine disruptions in the U.S. Gulf of Mexico support prices.
- Microsoft-backed OpenAI launches its “Strawberry” series of AI models, designed for more complex problem-solving in science, coding, and math.
- Over 30,000 Boeing Co workers are set to strike from Friday at the company’s West Coast factory over demands for higher pay.
- Former President Donald Trump claims he won’t participate in a second debate with Vice President Kamala Harris, despite her campaign calling for one after their first encounter.
- European markets are expected to open slightly higher, with STOXX 50 futures pointing up 0.3%.
- Market sentiment remains focused on potential Fed rate cuts, despite recent strong inflation readings and mixed economic signals.
- EURUSD is up 0.1%. Silver rose 0.65% and gold gained 0.5%. Sentiment of the cryptocurrency market is slightly positive; currently both Bitcoin and Ethereum are trading flat.
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