US Market Open: FTSE outperforms in Europe post-BoE Bailey's comments, US data deluge ahead
3/10/2024
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- European bourses are lower across the board (ex-FTSE 100), US futures are in negative terrirtory ahead of today’s US data deluge.
- Dollar is firmer vs G10 peers, GBP underperforms after BoE Governor Bailey said the bank could be a "bit more aggressive" in cutting rates provided the news that inflation continues to be good.
- Bonds are on the backfoot, extending on the pressure seen post-ADP on Wednesday; Gilts outperform following the dovish-leaning Bailey comments.
- Crude oil is continuing the benefit from the geopolitical risk premium, XAU/base metals dip amid the stronger Dollar
- Looking ahead, US Services/Composite PMIs (Final), US Challenger Layoffs, IJC, Durable Goods (R), Factory Orders, ISM Services PMI, Speakers include Fed’s Bostic & Schmid, Supply from the US, Earnings from Constellation Brands.
Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
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