S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
Deutsche Bank strategists notes that the S&P 500 slipped as geopolitical developments and higher yields pressured sentiment. Energy outperformed while industrials and materials lagged. Asian equities are mostly weaker this morning, while Chinese markets outperform and US futures remain broadly flat ahead of the July jobs report.”
Equities soften on oil and yields
“Turning to equities now, the S&P 500 (-0.18%) dipped on the news of the details of the Oman-Iran deal. Tech indices saw mixed moves, with the Nasdaq Composite (-0.06%) slipping but the Mag-7 (+0.24%) and the Philly semiconductor index (+0.33%) managing to advance. Energy (+1.59%) was the only sector in the S&P 500 to post a clear advance, while more energy-exposed sectors including industrials (-0.83%) and materials (-0.79%) struggled. “
“In European markets, which closed shortly before the Fars News report, equities put in a more positive performance in comparison to US counterparts. The Stoxx 600 (+0.16%) and CAC 40 (+0.35%) posted fresh highs, while the DAX (+0.05%) also crept up.”
“Only the FTSE 100 (-0.19%) underperformed. Similarly in rates, while the rise in inflation pricing was modest (+0.9bps for 5yr), nominal yields did move higher. Gilts led the rise, with the 10yr gilt yield up +4.8bps, followed by OATs (+3.3bps) and bunds (+2.9bps).”
“Asian equity markets are generally weaker this morning with the exception of Chinese related markets. The KOSPI (-1.10%) is trading lower again, extending its weekly losses to more than 6% and putting the index on course for a seventh consecutive weekly decline. The Nikkei (-0.55%) is also moving lower, although it remains on track to post a weekly gain of over +1.0%.”
“In contrast, mainland Chinese equities are outperforming, with the CSI 300 (+0.83%) and the Shanghai Composite (+0.50%) both advancing. Hong Kong’s Hang Seng (+0.15%) is trading modestly higher, while the S&P/ASX 200 (-0.03%) is struggling for direction. US equity futures and Treasuries are fairly flat this morning. “
