- Futures on US indices lose slightly; PPI and jobless claims release in macro spotlight
- Profit taking among Chinese tech companies puts CHN.cash and HK.cash under pressure
- Polish W20 leads gains in Europe amid higher probability of the Russia - Ukraine peace deal; DE40 gains nearly 0.4%, but UK100 loses 0.6% after stronger-than-forecast UK data that strengthened sterling
The mood of financial markets is mixed at the start of Thursday's session; Wall Street index futures are losing slightly, although gains dominate in Europe. Euphoric gains by Chinese technology companies were overwhelmingly erased on the Hong Kong stock exchange, after an initial 4.2% gain in the benchmark of Chinese technology companies turned into a 1.5% loss, pointing to the biggest session sell-off since October 2024.
Macro data will be the focus of investors' attention; low jobless claims combined with a higher-than-forecast rise in producer price inflation (PPI) could put pressure on Wall Street and reassure investors that January's CPI was not just an 'accident' and the inflationary trend is also extending to final producer prices. Today, 10-year US Treasury bond yields retreated to 4.6%; 2-year yields also fell 3bp to 4.33%.
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14:30 - US PPI inflation headline (for January): expected 3.3% vs. 3.3% previously (0.3% vs. 0.2% previously)
- US Core PPI (for January): expected 3.3% vs. 3.5% previously (0.3% m/m vs. 0% previously)
3:30 PM GMT - US jobless claims: expected 215.5k vs. 219k previously
- Continued jobless claims: expected 1.8815 million vs. 1.886 million previously
3:30 PM GMT - Change in US gas inventories according to EIA: expected -92 billion cubic feet (bcf) vs -174 bcf previously
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