Market Commentary: Thursday 4th September

Equity futures edged higher as weak U.S. job openings boosted Fed cut expectations. S&P 500 and Nasdaq 100 futures rose modestly, while the Euro Stoxx 50 contract held flat. Treasuries and the dollar remained steady, though weakness in Chinese stocks capped Asian advances.

Japanese bonds rallied after a 30-year auction showed solid demand. Fed Governor Waller said rate cuts should begin in September amid labour market risks. Market attention is now shifting towards Friday’s NFP.

Apple is planning an AI-powered search tool for next year; Salesforce projected sluggish sales growth; and HPE flagged margin pressure amid its AI pivot.

Data-wise, we have construction PMIs for Germany and the UK this morning, euro-area retail sales late morning, and the U.S. ADP employment report this afternoon.

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