Here is what you need to know on Tuesday, August 30:
Equity markets held firm on Monday as the feared capitulation did not materialize. Instead, we got an early test of lows before the market flatlined to the close.That has already led to a relief rally on Tuesday as European equity markets cheer after Asia was mixed. What exactly Europeans are cheering for facing into this winter is beyond me, but markets are irrational. I suppose one could argue that European power prices fell on Monday. Hey, maybe it will be a really mild winter!
Equities liked the lack of capitulation and now are likely to go on hold until Friday's jobs report. A high number is probably bad news, and a low number is also bad news. Here's hoping for a flat calm, in line report. Equities are currently unsure where to go, and even the VIX looks bored. Bitcoin has also demonstrated a lack of selling pressure as it recovers back above $20,000. Oil too is back on the bull case after Iraq and Libya see clashes and OPEC+ talk of supply cuts still looms large. Oil gained 4% on Monday and is at $95.50 now. The dollar is weaker, based on the lack of equity fear, as positioning is all one way here. The dollar index is back to 108.40 now, and Gold is at $1,733. Bitcoin is trading around $20,450.
European markets are higher: Eurostoxx +1.3%, FTSE + 1.1% , Dax + 1.2%.
US futures are higher: S&P +0.7% , Dow + 0.6%, Nasdaq + 1%.
Wall Street top news (QQQ) (SPY)
Gazprom to begin reducing gas deliveries.
QT steps up this week to $95 billion per week.
Evergrande (remember that one!) bondholders submit a plan for restructuring.
First Solar (FSLR) announces new US factory.
Big Lots (BIG) beats on top and bottom lines.
Best Buy (BBY) beats on top and bottom lines.
Moderna (MRNA) gets Australian approval for the omicron variant vaccine.
Baidu (BIDU) beats on top and bottom lines.
AstraZeneca (AZN): Japan approves Evushield covid treatment for kids 5-11.
Twitter (TWTR): Elon Musk files another notice to terminate Twitter deal -CNBC.
Upgrades and downgrades
Source: WSJ.com
Economic releases
The author is short TWTR and TSLA.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
Gold price taps $3,300; fresh record high amid trade war concerns and weaker USD
Gold price continues scaling new record highs through the Asian session on Wednesday and has now moved well within striking distance of the $3,300 round-figure mark. Persistent worries about the escalating US-China trade war and US recession fears amid the ongoing US tariff chaos continue to boost demand for gold.
EUR/USD holds firm above 1.1350 amid renewed US Dollar weakness
EUR/USD is storngly bid above 1.1350 in European trading on Wednesday. The pair draws support from a fresh round of selling in the US Dollar amid persistent fears over US-China trade war and a lack of progress on EU-US trade talks. US consumer data and Powell speech are in focus.
GBP/USD trades at fresh 2025-high above 1.3250 after UK CPI data
GBP/USD builds on its six-day winning streak and trades at its highest level since October above 1.3250 in the European session on Wednesday. The data from the UK showed that the annual CPI inflation softened to 2.6% in March from 2.8% in February but had little impact on Pound Sterling.
Exchange inflows surge as XRP slides, what comes next?
Ripple corrected along with other major digital assets, including Bitcoin and Ethereum, and traded at $2.08 at the time of writing on Wednesday. The drawdown cut across the crypto market, causing the total capitalization to drop 3.2% to $2.736 trillion.
Is a recession looming?
Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.