(Bloomberg) – U.S. futures fell on reports that the U.S. Department of Justice is considering breaking up Alphabet Inc.’s Google search engine, signaling an antitrust crackdown on Big Tech.
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The S&P 500 index fell 0.3% and the Nasdaq 100 futures index fell 0.5%, as a rebound on Wall Street due to the rise in Nvidia stock. The 10-year U.S. Treasury yield remains above the key 4% level after selling a day earlier as expectations for interest rate cuts receded. Europe’s benchmark Stoxx600 index was little changed.
Traders will be watching Thursday’s inflation data for any signs that the U.S. Federal Reserve will continue to cut interest rates. The latest speech from central bank officials pointed to a cautious approach, with Boston Fed President Susan Collins saying rate cuts should be carefully guided by data.
Meanwhile, China’s CSI300 index fell as much as 7.4% after authorities released a fiscal policy briefing on Saturday, offsetting some of the decline.
There are growing concerns that China’s recent burst of stimulus measures will not be enough to convince investors of a sustained rise in stock markets. Chinese tourists reduced spending during the long holiday, but news reports suggested the country needed to introduce policies to stabilize growth and expectations. This is a further sign that the Chinese government is trying to boost investor confidence.
China’s economic planning agency, the National Development and Reform Commission, plans to spend just 200 billion yuan ($28 billion) starting next year, after analysts estimate that 3 trillion yuan worth of fiscal policy is planned. announced that it would be brought forward.
“More aggressive action towards new fiscal policy and market stabilization mechanisms may be needed to maintain market enthusiasm,” said Homing Li, senior macro strategist at Lombard Odier. . “These disruptions could continue until the National People’s Congress Standing Committee meeting and the US elections in early November.”
This week’s main events:
Fed Minutes, Wednesday
Fed’s Rory Logan, Rafael Bostic, Austan Goolsby and Mary Daly speak Wednesday
US CPI, new unemployment insurance claims, Thursday
Fed’s John Williams and Thomas Barkin speak on Thursday
JPMorgan and Wells Fargo kick off earnings season for big Wall Street banks on Friday.
US PPI, University of Michigan Consumer Sentiment, Friday
Fed’s Laurie Logan, Austan Goolsby and Michelle Bowman speak on Friday
the story continues
The main movements in the market are:
stock
Stoxx Europe 600 little changed as of 8:12 a.m. London time
S&P 500 futures fell 0.3%
Nasdaq 100 futures fell 0.5%
Dow Jones Industrial Average futures fell 0.2%.
MSCI Asia Pacific Index falls 0.2%
MSCI Emerging Markets Index falls 0.5%
currency
Bloomberg Dollar Spot Index rose 0.1%
The euro fell 0.2% to $1.0953.
The Japanese yen remained almost unchanged at 148.30 yen to the dollar.
The offshore yuan was almost unchanged at 7.0694 yuan to the dollar.
The British pound fell 0.3% to $1.3060.
cryptocurrency
Bitcoin fell 0.2% to $62,222.91.
Ether fell 0.3% to $2,434.28.
bond
The 10-year government bond yield was almost unchanged at 4.01%.
Germany’s 10-year bond yield fell 2 basis points to 2.23%.
UK 10-year bond yields were unchanged at 4.18%.
merchandise
Brent crude rose 0.6% to $77.62 per barrel
Spot gold fell 0.4% to $2,610.79 an ounce.
This article was produced in partnership with Bloomberg Automation.
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