US futures are indicating a flat open today. European equity markets are trading slightly lower, while Asian markets finished mixed. In top stories, the debate over the Fed’s upcoming rate decision remains front and center. The market is pricing in a 63% chance of a 50-basis point rate cut at today's FOMC meeting, though economists are leaning toward a 25-basis point reduction. The updated Summary of Economic Projections will be closely watched, with forecasts suggesting 75 basis points of cuts in 2024. However, market pricing implies as much as 110 basis points in cuts by year-end.

Companies Mentioned: Google, BlackRock, Microsoft, Brookfield Asset Management, NVIDIA, Nippon Steel, United States Steel

US futures are indicating a higher open today, up +0.2% as market awaits the upcoming macro events. Asian equities traded mixed in another quiet session, and European equities are broadly firmer in early trades. Anticipation builds for the FOMC meeting on Wednesday and the BOJ meeting on Friday. Futures increasingly suggest a 50 basis point Fed rate cut, but the focus may shift to expected rate cuts in 2024 and 2025, totaling an anticipated 250 basis points by the end of 2025. The BOJ is expected to maintain current policy, but market attention will be on Governor Ueda's communication to guide expectations for future rate hikes without inciting the volatility seen after the 31-Jul meeting.

Companies Mentioned: Intel, AMD, Sony

US futures are indicating a flat open. European equity markets are trading lower, following a mixed session in Asia where equities finished with minor gains and losses. Market attention is focused on central bank decisions this week, with the Fed, BoE, BoJ, and PBoC all on the agenda. A majority of economists anticipate a 25 basis points Fed rate cut, though markets are positioning for a potential 50 basis points cut at Wednesday’s FOMC meeting. Yen strength is the main story in FX markets. Another round of soft Chinese economic data has increased concerns over the country’s ability to meet its 2024 growth target.

Companies Mentioned: Blackstone, Walt Disney, Amazon, Samsung, Xiaomi

US futures are pointing to a slightly higher open today. European equity markets have opened in the positive territory, following mixed Asian market trades. Market attention is shifting back to Fed policy after ECB's 25-bp cut. It's expected to be close call between move of 25bp and 50bp. BOE expected to keep policy unchanged next week with next cut more likely in November. A BOJ rate hike in December is anticipated though some also see October hike at earliest.

Companies Mentioned: Blackstone, DigitalBridge, Liberty Global

US futures are pointing to a firmer open today. European equity markets are trading up, and Asian markets finished broadly higher, driven by a tech rally in Japan, Korea, Taiwan, and Hong Kong. Top stories today include bullish sentiment in the tech and AI sectors, buoyed by remarks from NVIDIA CEO Jensen Huang on demand for AI chips. In macro news, US core inflation came in slightly hotter than expected, prompting markets to scale back expectations of a 50 basis point rate cut by the Fed next week. However, the broader disinflation narrative remains intact, with the Federal Reserve now more focused on growth risks and the labor market.

Companies Mentioned: Google, OpenAI, Microsoft, Nippon Steel, US Steel

S&P futures are indicating a lower open today, down (0.27%). Asian equities were mostly lower this Wednesday, while European equities are exhibiting strength in early trades. Market attention is turning to tonight's US August CPI, expected to show annualized core holding at 3.2% y/y. In the recent presidential debate, Trump and Harris engaged in discussions on various issues without major revelations, largely reiterating their usual talking points and criticisms. Election betting markets favored Harris during the debate, and a CNN poll showed 63% of viewers believed she won. Trump criticized the Biden administration's immigration and economic policies, while Harris focused on Trump's stance on abortion rights. The race remains tight nationally and in battleground states. Both campaigns expressed readiness for a second debate.

Companies Mentioned: Rightmove, TPG, Elevance Health, Goldman Sachs

US futures are pointing to a lower open today. European equity markets are trading higher, while most Asia markets finished mixed, though gains were modest amid choppy trading. Market sentiment has improved, with recent US jobs data seen as not weak enough to undermine the narrative of a soft landing for the economy. However, the ongoing AI momentum has come under increased scrutiny, although the broader secular growth theme remains largely intact. In Japan, yen strength has weighed on equities, but the reduced likelihood of aggressive Fed rate cuts is helping to limit market volatility.

Companies Mentioned: KKR, Carlyle, Mizuho, CVC, Laboratorios Farmaceuticos Rovi

S&P futures are indicating a higher open today, up +0.61%. Asian equities were under pressure, with Hong Kong recording the greatest losses in the region. European equities are broadly firmer in early trades. In today's highlight, China's August consumer inflation rose by 0.6% y/y, slightly below the expected 0.7%. Food prices, particularly fresh vegetables and pork, significantly contributed to the rise. Notable declines were in airfares and hotel prices. YTD inflation remains at 0.2%, below the government's 3% target. Core inflation fell to 0.3%, its lowest in nearly 3.5 years. PPI declined by 1.8% y/y, marking the steepest drop since April and the 23rd consecutive month of deflation, due to weak demand and falling global commodity prices.

Companies Mentioned: Vista Outdoor, Alphabet, Arm Holdings, News Corp, Tesla

US futures are pointing to a lower open today with Broadcom dragging down Nasdaq afterhours on earnings. European equity markets have opened lower, following mixed Asian market trades. US nonfarm payrolls expected to show step-up in headline jobs growth and downtick in unemployment rate. Today's print takes on added importance in shaping hard vs soft-landing debate, as well as determining whether Fed is expected to cut by 25 or 50 basis points this month.

Companies Mentioned: Salesforce, Apple, Tencent, Mobileye, Qualcomm

US futures are pointing to a flat open today. European equity markets are trading mixed, while Asian equities showed a similarly mixed performance. Market attention today remains on the aftermath of Tuesday’s major selloff, which lacked a clear catalyst but was attributed to several factors including softer macro data, systematic unwinds, and yen strength. Growth concerns are increasing, particularly following weaker-than-expected JOLTS job openings data and cautious takeaways from the Fed’s Beige Book.

Companies Mentioned: Nvidia, Nippon Steel, US Steel, Sandy Spring Bancorp

S&P futures are pointing to a lower open today, down (0.37%). Asian equities closed broadly lower today, with Nikkei down (4.24%). European markets are also weaker in early trades. In today's highlight, Asia's semiconductor sector tumbled today following Nasdaq's sharp declines on Tuesday. Major semiconductor companies in Japan, Taiwan, and Korea faced their worst single-day fall since the Aug-5 meltdown. The sell-off is attributed to high valuations and concerns regarding AI capital expenditure and return on investment. Media reports indicate that NVIDIA and several other companies have received subpoenas from the DOJ concerning potential antitrust violations.

Companies Mentioned: NVIDIA, Apple, Fuji Soft