Global Markets Today While US Was Sleeping
Portfolio Pulse from Akanksha Bakshi
US markets closed lower on August 2 after Fitch downgraded the long-term credit rating of the US, leading to a focus on rising Treasury yields. Major indices were not boosted by the better-than-expected ADP Employment Change report. Asian markets also closed lower due to profit-taking and uncertainty over the Bank of Japan's monetary policy. European markets are down as investors await the Bank of England's rate decision. Commodities are mixed, with crude oil and gold trading lower, while natural gas is trading higher. US futures are down.
August 04, 2023 | 12:41 pm
News sentiment analysis
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NEGATIVE IMPACT
The EEMA ETF, which tracks the performance of emerging markets in Asia, may be impacted as Asian markets closed lower due to profit-taking and uncertainty over the Bank of Japan's monetary policy.
The negative performance of Asian markets due to profit-taking and uncertainty over the Bank of Japan's monetary policy could impact the EEMA ETF, which tracks the performance of emerging markets in Asia.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The EWU ETF, which tracks the performance of the UK, may be impacted as the FTSE 100 traded lower by 1.56% and investors await the Bank of England's rate decision.
The negative performance of the FTSE 100 and the uncertainty surrounding the Bank of England's rate decision could impact the EWU ETF, which tracks the performance of the UK.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The EZU ETF, which tracks the performance of the Eurozone, may be impacted as the Pan-European STOXX 600 index is down 1.12% and investors await the Bank of England's rate decision.
The negative performance of the Pan-European STOXX 600 index and the uncertainty surrounding the Bank of England's rate decision could impact the EZU ETF, which tracks the performance of the Eurozone.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The FLAX ETF, which tracks the performance of Australia, may be impacted as Australia’s S&P/ASX 200 was down 0.58%.
The negative performance of Australia’s S&P/ASX 200 could impact the FLAX ETF, which tracks the performance of Australia.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The S&P 500, tracked by the SPY ETF, fell 1.38%, closing at 4,513.39, due to the downgrade of the US credit rating by Fitch and rising Treasury yields.
The downgrade of the US credit rating by Fitch and rising Treasury yields have led to a negative sentiment in the market, causing the S&P 500 to fall. This directly impacts the SPY ETF, which tracks the performance of the S&P 500.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100