French Election Takeaways
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What’s in Today’s Report:
- French Election Takeaways
- ISM Manufacturing PMI – The Latest Goldilocks Report
- Chart: S&P 500 Adjusted for Inflation
U.S. equity futures are tracking European markets lower this morning as ECB President Lagarde pushed back on the idea of another summer rate cut amid resilient labor market data and another stubbornly high inflation reading.
Economically, Eurozone Unemployment held steady at 6.4% vs. (E) 6.5% while the June Core HICP Flash (CPI equivalent) was also unchanged at 2.9% vs. (E) 2.8%.
Looking ahead to today’s session, there are two economic reports to watch: JOLTS (E: 7.9 million) and Motor Vehicle Sales (E: 15.9 million). Investors will be looking for a “cool” but not too-soft JOLTS headline to help reinforce expectations for a September Fed rate cut.
Beyond the economic data, market focus will be on Fed speak this morning as Powell is scheduled to speak at 9:30 a.m. ET. A dovish tone from the Fed chair would be well received and likely influence risk-on money flows while any hawkish surprises have the potential to spark volatility and profit taking in equities.
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