Stock Futures Fall Short of CPI & JPMorgan Earnings – Europe Market Wrap
US equities futures fell as the earnings season got underway, as investors waited for December’s inflation data to forecast the market’s next move. The Yen fell to its lowest level since 2024.
Contracts on the S&P 500 declined 0.2% ahead of JPMorgan’s earnings, the first big Wall Street bank to report for the quarter. European shares were also down. A measure for Asian markets surged 1% after Japan’s Nikkei 225 soared on anticipation that PM Takaichi may call an election to secure a new mandate for her pro-stimulus policy.
The Dollar recovered after suffering its worst drop since Christmas in the previous session. The Yen underperformed all of its key counterparts. A selloff in Japanese bonds pushed global rates higher, with 10-year US Treasuries rising 2 bps to 4.20%. Brent crude temporarily surged above $65 per barrel. Silver rose more, but gold remained near a record.
Meanwhile, oil rose to its highest level in two months as the US increased pressure on Iran, while tankers were targeted near a crucial Kazakh crude terminal on Russia’s Black Sea coast.
Gold prices were steady as markets focused on the Trump administration’s criticisms on the Fed. Bullion traded near $4,590 per ounce after rising 2% the previous session.
