A look at the day ahead in European and global markets by Gregor Stuart Hunter
A fuse lit on Wall Street turned explosive a day later in Asia, sparking the biggest losses for stocks in Japan and South Korea since April’s “Liberation Day” tariff announcement.
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European stocks looked set to join the selloff in early trading, with pan-region futures down 0.7%, German DAX futures falling 0.6% and FTSE futures off 0.3%.
Bitcoin rebounded 1.8% to $102,104 after falling below the $100,000 mark for the first time since June, while gold was last up 0.8% at $3,962 per ounce.
Despite the volatility in equity markets, FX remained mostly unbothered, with the U.S. dollar index grazing a five-month high of 100.25.
The yield on benchmark 10-year Treasury notes fell to a low of 4.0542% compared with its U.S. close of 4.091% on Tuesday, but has since edged upwards.
Key developments that could influence markets on Wednesday:
Earnings:
Marks and Spencer Group, BMW, Novo Nordisk, Enel, Telecom Italia
Economic data:
Germany: Industrial Orders for September, Manufacturing O/P for September, Consumer Goods SA for September, HCOB Services and Composite PMI for October
France: Industrial Output for September, HCOB Services and Composite PMI for October
UK: New Passenger Cars Registration for October S&P Global Service and Composite PMI for October, Reserve Assets Total for October
Debt auctions:
Germany: 16-year and 19-year government debt
Reporting by Gregor Stuart Hunter; Editing by Jacqueline Wong
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