Global Markets Crashing: Nikkei's Historic 12.4% Plunge, DOW Futures Down 1100 Points
Action Insight Mid-Day Report 8-5-24 |
Global Markets Crashing: Nikkei's Historic 12.4% Plunge, DOW Futures Down 1100 Points |
Global stock markets are in crash mode today, beginning with the massive historic -12.4% decline in Nikkei. Major European indexes are also trading deeply in the red, with losses around -3%, though these are overshadowed by the severe drop in Japan. Concurrently, DOW futures are down over -1100 points, with S&P 500 futures down -4.4% and NASDAQ futures down -5.7%. US 10-year yield has continued its steep fall, diving below the 3.7% handle. Given the current panic mode in the markets, even a strong upside surprise in US ISM services data is unlikely to provide support. In the currency markets, Yen and Swiss Franc are the clear runaway leaders, with Euro trailing in a distant third. Australian Dollar is the worst performer, looking ahead to RBA rate decision in the upcoming Asian session. Sterling is the second worst, followed by Kiwi. Dollar and Canadian Dollar are positioned in the middle.... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0820; (P) 1.0873; (R1) 1.0965; More..... EUR/USD's strong break of 1.0947 resistance confirms resumption of the rise from 1.0665. Intraday bias remains on the upside for 100% projection of 1.0665 to 1.0947 from 1.0776 at 1.1056 next. On the downside, below 1.0932 minor support will turn intraday bias neutral and bring consolidations, before staging another rally. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
---|
23:50 | JPY | BoJ Meeting Minutes | 01:00 | AUD | TD Securities Inflation M/M Jul | 0.40% | 0.30% | 01:45 | CNY | Caixin Services PMI Jul | 52.1 | 51.4 | 51.2 | 07:45 | EUR | Italy Services PMI Jul | 51.7 | 53 | 53.7 | 07:50 | EUR | France Services PMI Jul F | 50.1 | 50.7 | 50.7 | 07:55 | EUR | Germany Services PMI Jul F | 52.5 | 52 | 52 | 08:00 | EUR | Eurozone Services PMI Jul F | 51.9 | 51.9 | 51.9 | 08:30 | EUR | Eurozone Sentix Investor Confidence Aug | -13.9 | -5.5 | -7.3 | 08:30 | GBP | Services PMI Jul F | 52.5 | 52.4 | 52.4 | 09:00 | EUR | Eurozone PPI M/M Jun | 0.50% | 0.30% | -0.20% | 09:00 | EUR | Eurozone PPI Y/Y Jun | -3.20% | -3.30% | -4.20% | -4.10% | 13:45 | USD | Services PMI Jul F | 56 | 56 | 14:00 | USD | ISM Services PMI Jul | 51.4 | 48.8 |
|
|
|