Morning Note: A round-up of market news.
Market News
An appeals court blocked Donald Trump from firing Lisa Cook as she challenges her dismissal from the Fed, while the Senate confirmed Stephen Miran as a governor. The president is expected to ask the Supreme Court to consider Cook’s case.
The SEC said it’s prioritizing Trump’s proposal to reduce the frequency of earnings reports after the president called for an end to quarterly disclosures.
Gold climbed to its highest ever and currently trades at $3,690 an ounce. Treasuries were little changed – the 10-year yields 4.04%. Brent Crude rose to $67.25 a barrel, with the focus on further Russian sanctions. The uranium sector rose sharply on news the US is looking to boost its strategic uranium reserve for nuclear power.
US equities climbed to a fresh record close last night – S&P 500 (+0.5%); Nasdaq (+0.9%) – on optimism the Fed will cut rates. Big tech was mostly higher, with Alphabet up on ongoing optimism over Google Cloud. In Asia this morning, the positive tone continued: Nikkei 225 (+0.3%); Hang Seng (+0.2%); Shanghai Composite (+0.1%).
The FTSE 100 is currently 0.2% lower at 9,259. The pound hit a two-month high – $1.3635 and €1.1565 – after UK jobless numbers matched estimates. Unemployment held at a four-year high of 4.7%, while vacancies continued to fall. In the three months to July, UK wages ex-bonuses rose by 4.8%.
The US will announce more than $10bn in deals with the UK during President Trump’s visit, officials say. Google plans to invest £5bn in the UK over the next two years to aid AI drive, AFP reported.
Source: Bloomberg
