West Texas Intermediate crude futures rose 0.4% to $75.96. Brent crude futures were up 0.3% at $79.88 per barrel and U.S. Rather, policymakers appear more comfortable maintaining a hawkish stance for now," said analysts at TD Securities.Įlsewhere, oil prices were higher. "While we anticipate that July will bring the Fed's last rate increase of this cycle, we do not think the Fed is comfortable signalling that shift just yet. Markets are looking ahead to next week when Fed, the European Central Bank and the BOJ will be meeting to decide on their policy and debate the rate outlook. The Australian dollar gave up almost all of its gains made after a strong local jobs data release to hover below 68 cents. dollar index was little changed at 100.78, after advancing 0.5% overnight, the biggest one-day gain since mid-May. Ten-year Treasury yields were mostly flat in Asia at 3.8405%, after spiking 11 basis points overnight, while two-years held at 4.8259%, having gained 8 bps overnight. They nudged up the chance of a second increase from the Fed by November to 33%, and slightly pared back the size of rate cuts next year to just under 100 basis points. weekly jobless claims fuelled expectations for a strong payrolls report, after markets wagered the Federal Reserve will be mostly done tightening after one last hike in July. "Fellow tech giants Microsoft, Apple, Meta and Amazon will need to shoot the lights out in their earnings reports next week to avoid a similar fate."Īlso, an unexpected fall in the U.S. "In the tech sector, a classic 'buy the rumour, sell the fact' type reaction played out for Tesla and Netflix," said Tony Sycamore, market analyst at IG. The electric-vehicle maker reported a drop in its second-quarter gross margins to a four-year low while the streaming video company's quarterly revenue fell short of estimates. On Wall Street, after rallying almost 40% since the turn of the year, the Nasdaq fell 2% overnight, the biggest one-day loss since March, driven by steep post-earnings plunges in mega tech stocks Tesla and Netflix.
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