Overnight News From Around The World: Wednesday, September 7

Investing.com - Here are the top five things you need to know in financial markets on Wednesday, August 15:

1. Global Stocks Subdued Amid China, Turkey Jitters

mostly lower in subdued trade, as bearish Chinese markets worsened investor sentiment already hurt by Turkey's financial crisis." data-reactid="24">In equities, global stocks were mostly lower in subdued trade, as bearish Chinese markets worsened investor sentiment already hurt by Turkey's financial crisis.

Asian stocks retreated to a one-year low, as investors were rattled by another sell-off in China, which tumbled more than 2% despite a liquidity injection by the People’s Bank of China.

Signs of the world's second-largest economy losing momentum and the ongoing Sino-U.S. trade conflict have weighed on Chinese equities.

were lower as concerns over the Turkish currency crisis continued to affect investors' appetite." data-reactid="27">The cautious sentiment carried over to Europe, where the region's major bourses were lower as concerns over the Turkish currency crisis continued to affect investors' appetite.

Turkey doubled tariffs on some U.S. imports including cars, alcohol and tobacco on Wednesday in retaliation for U.S. moves, in the latest escalation in tensions between the two countries.

Despite the news, the Turkish lira rallied a further 3% against the dollar, while the BIST 100 index was down 1.5%.

On Wall Street, U.S. stock futures looked set to open lower, as investors focused on the latest batch of corporate earnings and economic data.

The blue-chip Dow futures indicated a loss of 135 points, or around 0.5%, by 6:30AM ET, the S&P 500 futures dipped 15 points, or around 0.5%.

Meanwhile, the tech-heavy Nasdaq 100 futures pointed to a drop of 50 points, or roughly 0.7%, as disappointing results from Chinese tech giant Tencent (OTC:TCEHY) looked set to drag down the sector.

2. Macy's Reports Earnings

Macy’s (NYSE:M) is one of the last notable names slated to report fiscal second-quarter results before U.S. markets open, as the earnings season continues to wind down.

The retailer is expected to report earnings of 50 cents per share on revenue of $5.56 billion, according to estimates.

Investors will be closely watching the results for a view of general consumer confidence in the economy. Consumer spending accounts for as much as 70% of U.S. economic growth.

Shares of Macy's were trading little changed in premarket. The stock has more than doubled over the last year as the retail sector - beaten down through 2015 and 2016 - has staged a big comeback over that period.

Other headliners expected out today include S&P 500 members NetApp (NASDAQ:NTAP) and Cisco (NASDAQ:CSCO), both due after the bell.

3. Dollar Hits Another 13-Month Peak

13-month high against a basket of major currencies, as safe-haven demand rooted in fears over fallout from the Turkish lira's recent drop boosted the U.S. currency." data-reactid="41">Away from equities, the U.S. dollar hit another 13-month high against a basket of major currencies, as safe-haven demand rooted in fears over fallout from the Turkish lira's recent drop boosted the U.S. currency.

The U.S. dollar index was up 0.15% to 96.70, after climbing to an overnight peak of 96.76, its best level since June 27, 2017.

The greenback's strength has also been bolstered by a drop for the euro, as investors continued to worry over the region's banking sector exposure to the Turkish economy.

The euro was last down about 0.2% at 1.1325 (EUR/USD), after earlier touching a new 13-month low of 1.1317.

The pound also hit a 13-month low, dropping 0.2% to 1.2692, before crawling back to 1.2715 (GBP/USD).

Elsewhere in foreign exchange markets, China's offshore yuan weakened about 0.3%, last trading at 6.9175 yuan per dollar after falling as far as 6.9210, its lowest level since March 2017.

In the bond market, the benchmark 10-year Treasury note yield declined 1 basis point to 2.882% after poking above 2.900% on Tuesday.

4. U.S. Retail Sales In Focus

On the data front, the Commerce Department will publish data on retail sales for July at 8:30AM ET.

The consensus forecast is that the report will show retail sales rose 0.2% last month, moderating from a gain of 0.5% in June.

Excluding the automobile sector, sales are expected to increase 0.4%, the same as its increase a month earlier.

Also on the economic calendar will be the New York Fed’s Empire State manufacturing reading for the month of August, followed by the Federal Reserve’s July report on industrial production and the NAHB’s homebuilder sentiment reading for August.

Economists reckon the data will do little to alter expectations that the Federal Reserve will hike interest rates two more times this year, with the next move higher coming at its September meeting.

5. Oil Slips Ahead Of EIA Supply Report

The U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended August 10 at 10:30AM ET.

After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories rose by nearly 3.7 million barrels last week.

New York-traded WTI crude futures shed 77 cents, or 1.2%, to $66.27 per barrel, while Brent futures declined 76 cents $71.69 per barrel.

Sentiment was also clouded by a darkening economic outlook which could start impacting oil demand, traders said.

Elsewhere in commodity markets, gold prices extended their decline to a 19-month low, as the yellow metal found little in the way of safety flows.

Spot gold fell $6.90, or 0.6%, to $1,187.20, its lowest level since January 2017.

Copper futures were also down sharply, slumping 2.7% to hit a 14-month low of $2.608 a pound.

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Source : https://sg.finance.yahoo.com/news/top-5-things-know-market-133800931.html

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