Morning Juice – US Session Prep

Good Morning Traders.
It is Thursday the 22nd of August. Here is what to look out for today.

Sentiment
A global stock index approached a record high as traders became increasingly confident that the Federal Reserve is on the verge of cutting interest rates for the first time in more than four years.

MSCI’s All Country World index rose 0.1%, closing near its all-time high on July 16.
Europe’s Stoxx 600 index rose 0.5% after Deutsche Bank AG forecasted a boost in third-quarter earnings.
US futures edged higher.

Growing expectations for US rate cuts have erased the market drop at the beginning of August, which was caused by recession fears in the United States and a rapid unwinding of the yen carry trade.
Investors are now looking to Fed Chair Jerome Powell’s speech at the Jackson Hole economic symposium on Friday for more evidence that a September cut is imminent.

Docket
08:30 ET
Weekly US Jobless Claims
Initial – Median Forecast: 232K | Prior: 227K | Range: 245K / 220K
Continued – Median Forecast: 1.87M | Prior: 1.864M | Range: 1.9M / 1.85M

09:45 ET
US S&P PMI Prelim for August
Manufacturing – Median Forecast: 49.5 | Prior: 49.6 | Range: 50.3 / 48.5
Services – Median Forecast: 54 | Prior: 55 | Range: 55.2 / 53.5
Composite – Median Forecast: 53.2 | Prior: 54.3 | Range: 54.2 / 51.4

10:00 ET
US Existing Home Sales for July
Median Forecast: 3.93M | Prior: 3.89M | Range: 4.04M / 3.85M

Eurozone Consumer Confidence Flash Estimate for August
Median Forecast: -12.6 | Prior: -13 | Range: -12 / -14.5

13:00 ET
The US Sells $8 Bln in 30-Year Tips at Auction

Good luck!