The inaugural listings of Ethereum-based ETFs have concluded amidst robust trading volumes, though the broader cryptocurrency market is experiencing declines. Bitcoin has dipped by 2.7%, while Ethereum shows a decrease of 1.4%.
European trading floors witnessed a strong session initially, with gains exceeding 1% during the cash session. However, declines set in during evening trading on futures contracts, with only the DE40 managing a modest increase of 0.4%.
In the US futures market, the US100 index is down 0.15%, while the US500 is trading near yesterday’s close, erasing previous gains.
In economic news, US existing home sales for June fell to 3.89 million units, marking a 5.4% month-over-month decline and falling below expectations of 3.99 million units. The median home price rose by 4.1% year-over-year to $426,900.
The Richmond Fed Index dropped to -17, below expectations of -6 and worse than the previous reading of -10.
The Turkish central bank (CBRT) opted to maintain its interest rates at 50%. Additionally, the bank announced a swap auction aimed at selling currencies and gold against the lira, to be conducted with local banks.
Currency markets saw the USDJPY pair falling below 156, with the yen showing strength amid investor pressures to unwind carry trades ahead of a potential interest rate hike by the Bank of Japan next week. Despite the strong yen, the dollar has been strengthening broadly, with the EURUSD pair trading around 1.0850.
The strong dollar has weighed on the oil market, leading to declines of 1.5% after earlier losses of up to 2.5%. Meanwhile, gold prices have risen and are trading above $2,400 per ounce.
Brent Crude Oil has decreased by almost 1.3% amid ceasefire talks in Gaza and subdued gasoline demand in the US. Weakness in the Chinese economy has also impacted demand expectations, contributing to nearly 1.3% declines in Chinese index futures today.
Company earnings announcements have been diverse. Coca-Cola, General Motors, Lockheed Martin, and Spotify reported positive results. Lockheed Martin and Spotify showed strong share performance, while General Motors experienced losses and Coca-Cola saw marginal gains.
UPS shares plummeted by nearly 13% after the company fell short of forecasts and lowered its full-year revenue estimates.
On a positive note, scientific and medical equipment maker Danaher and financial company MSCI reported earnings surprises, with their shares gaining 6% and 7%, respectively.
Upcoming financial results from Tesla and Alphabet are eagerly awaited. Tesla’s results are anticipated for insights into autonomous cars and new models, while Alphabet’s earnings will be scrutinized for developments in cloud services and artificial intelligence.
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