Fixed Income Market Overview
The U.S. 10-year Treasury yield fell by 1 basis point to 3.822% on Wednesday as investors awaited a key U.S. inflation report due later in the week. Similarly, the 2-year Treasury yield also dipped by 1 basis point to 3.852%. Market focus is on Friday’s U.S. personal consumption expenditures (PCE) data, a key inflation measure for the Federal Reserve. Following comments by Fed Chair Jerome Powell indicating potential rate cuts, traders are anticipating a rate cut at the Fed’s September 18 meeting, with a 63.5% chance of a 25-basispoint cut and a 36.5% chance of a 50-basis-point cut.
Berkshire Hathaway market capitalisation tops $1tn for the first time.
Apple eyes bigger slice of India’s streaming, music market with Airtel deal.
Salesforce beats earnings estimates, CFO Amy Weaver to step down.
U.S. crude oil falls for second day as market dismisses threat of Libya supply disruption.
JD Sports-backed nutrition, health and wellness firm Applied Nutrition is planning a London IPO in Q4.
Major Indicies
| Symbol | Price | Change | %Change |
|---|---|---|---|
| DJIA | 41,091.42 | -159.08 | -0.39%↓ |
| NASDAQ | 19,350.78 | -230.74 | 1.18%↓ |
| S&P 500 | 5,592.18 | -33.62 | -0.60%↓ |
| FTSE 100 | 8,343.85 | -1.61 | -0.02%↓ |
| SX5E | 4,913.03 | 14.25 | 0.29%↑ |
| NIKKEI | 38,371.76 | 83.14 | 0.22%↑ |
| HSI | 17,692.45 | -182.22 | -1.02%↓ |
| VIX | 17.11 | 1.68 | 10.89%↑ |
Bonds
| Name | Yeild | CHG |
|---|---|---|
| US 10-YR | 3.83% | 0.013 |
| US 30-YR | 4.12% | 0.012 |
| US 5-YR | 3.66% | 0.171 |
| JPN 10-YR | 0.90% | 0.019 |
| UK 10-YR | 4.00% | 0.003 |
Futures & Commodities
| Name | Last | Change | %Change |
|---|---|---|---|
| WTI CRUDE | 74.52 | -1.01 | -1.34%↓ |
| NAT GAS | 2.10 | 0.19 | 10.14%↑ |
| GOLD | 2,504.61 | -20.03 | -0.79%↓ |
| SILVER | 29.13 | -0.85 | -2.83%↓ |
| COPPER | 4.15 | -0.09 | -2.08%↓ |
Equity Market Overview
Reliance Industries & Disney
Disney and Reliance Industries have received approval from India’s Competition Commission for their $8.5 billion merger of local entertainment businesses, overcoming concerns about cricket broadcasting dominance. The approval is conditional on the companies’ commitments, including shutting down some regional TV channels and not bundling or inflating advertising rates across their cricket portfolio. This merger will create a dominant entertainment entity in India, a market where global media companies have struggled. The deal follows Disney’s loss of IPL streaming rights to Reliance’s JioCinema in 2022. Final approval is expected by the end of the year.
Nvidia
Nvidia reported earnings that exceeded Wall Street expectations and provided stronger-than-expected guidance for the current quarter, though its shares fell 8% in extended trading. The company’s revenue surged 122% year-over-year to $30.04 billion, with data center sales, including AI processors, making up 88% of total revenue. Nvidia’s net income more than doubled to $16.6 billion, driven by its dominance in AI chip production. The company anticipates further growth with the upcoming Blackwell AI chip, expected to generate significant revenue in the fourth quarter. Nvidia also approved $50 billion in additional share buybacks.
