• US indices finished yesterday’s trading lower. S&P 500 dropped 1.13%, Dow Jones moved 0.56% lower and Nasdaq plunged 1.43%. Russell 2000 dropped 0.72%
  • US index futures dipped further following close of the cash session as FedEx, a major transportation company, reported disappointing results for fiscal-Q1 and withdrew an fiscal-year earnings guidance
  • Indices from Asia-Pacific also traded lower. Nikkei and Kospi dropped 1%, S&P/ASX 200 moved 1.4% lower and indices from China traded 0.6-1.4% lower
  • DAX futures point to a lower opening of the European cash session
  • RBA Governor Lowe said that he sees rates cycling between 2.5 and 3.5% (currently at 2.35%). Lowe also said that the Bank will consider 25 or 50 bp rate hike at next meeting
  • Chinese industrial production increased 4.2% YoY in August (exp. 4.0% YoY), retail sales were 5.4% YoY higher (exp. 3.9% YoY) and urban investments jumped 5.8% YoY (exp. 5.7% YoY)
  • South Korean unemployment rate dropped to a record low of 2.5% in August (previously 2.9%)
  • Cryptocurrencies are trading lower. Bitcoin drops 0.3% while Ethereum trades 1.1% lower
  • Energy commodities trade a touch higher. Brent gains 0.3% while WTI trades 0.2% higher on the day
  • Precious metals trade little changed – gold and silver drop 0.1%, platinum trades 0.2% lower and palladium trades flat
  • AUD and NZD are the best performing major currencies while CHF and CAD lag the most

S&P 500 (US500) has fully erased the recent jump and is now testing the 3,900 pts support zone. Selling intensified yesterday after the close of the Wall Street session as an earnings report from FedEx pointed to weakness in Asian and European business.

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