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US Equity Futures Lower Ahead of CPI and Powell Speeches

Nasdaq 100

Nasdaq S&P 500 and Dow Jones futures point to weak opening for the cash market ahead of CPI figures for October and the Fed chair Powell address in front of the Joint Economic Committee of Congress. Analysts expect to reiterate that the current monetary policy is appropriate in the absence of further deterioration in the macro data. President Trump said yesterday that China-US trade deal might happen soon and the phase one agreement is close, but he also said that if a deal isn’t reached the US will raise tariffs.

Violent protests in Hong Kong weigh on investors sentiment, the Asian indices and Nikkei 225 finished lower. European major indices are also trading lower but off the daily lows. FTSE 100 gives up 0.53% at 7,326 after weak inflation data, while DAX is 0.75% lower at 13,183 after Germany Consumer Price Index (month over month) came in at 0.1% in line with forecasts for October.

In forex markets, EURGBP still bearish after inflation data, while GBPUSD trades at 1.2838. AUDUSD trades 0.17% lower at 0.6829 as the correction continues targeting 0.6800, while NZDUSD trading higher after RBNZ took markets by surprise when it kept interest rates steady at 1.00%. Japanese yen trades lower at 108.

Cryptocurrencies trading mixed today, Bitcoin is 0.57% lower at 8,763, and Ethereum is 0.21% higher at 187,12.

In commodities, gold trades higher rebounding from three-month lows amid the conflicting comments from President Trump on trade negotiations. Crude oil price is 0.69% lower at $56.42 after the rejection at 200-day moving average.