Pre-Market Report – Monday 18 August: US markets pause | Jackson Hole this week

Wall St finished the week mostly down as economic data reduced odds for a Fed rate cut in September. S&P 500 down 0.29%. Nasdaq down 0.4%. Dow near flat. Up 35 points. Retail sales met expectations. Up 0.5% in July led by auto sales and online shopping. June reading revised up. Somewhat easing concerns about a stalling US economy post the recent labour data prints. On the downside, the outlook for consumer spending deteriorated as rising costs from tariffs are expected to impact demand. Import prices (+0.4%) rose more than expected to a 15-month high. Indicating export nations have not been cutting prices in contrast to the Trump administration’s prediction. Forcing either US business to absorb the costs or pass it on to customers. Consumer confidence unexpectedly declined and inflation expectations rose, slightly raising the odds for no cut in September to 15%. 

SPI down 53 - Results in focus - BSL ALD GPT LLC A2M

• Commodities mostly lower.
• WTI down 1.9% as odds of an end to the war in Ukraine rose.
• Base metals mixed. Copper flat overnight and for the week as a small drop in the USD was outweighed by weak China manufacturing data.
• Iron ore flat for the week as early gains were lost on Chinese property concerns. BHP still managed to gain 4.35%. RIO up 1.3%.
• Gold flat with most global miners higher. Down 1.9% for the week. Most of that move after yesterday’s strong PPI numbers.

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