Aug 10 (Reuters) – A look at the day ahead in European and global markets from Wayne Cole. <\/p>\n
Asian stocks are mostly firmer, following Friday’s Wall Street rally, though European \u200cshare futures are off as oil rises amid much confusion over the Strait of Hormuz. <\/p>\n
Treasury \u200cSecretary Scott Bessent over the weekend claimed the strait would become “irrelevant” as oil would eventually be redirected through pipelines, giving \u200banalysts the impression the White House was trying to wash its hands of the whole affair. <\/p>\n
Iran said on Sunday that a deal with Oman defining new shipping lanes in the Strait was in its final stages but reiterated that the waterway would only reopen once the United States met other conditions, which \u200cseems unlikely. <\/p>\n
Meanwhile the Houthis say they \u2060have resumed attacks on the Red Sea port city of Mocha, which will be making shippers through the Bab el-Mandeb strait nervous. <\/p>\n
Brent crude added 1% to $84.38 \u2060a barrel as shipping through the SoH remains at a trickle with just two tankers on Friday, while U.S. crude rose 0.7% to $78.75. [O\/R] <\/p>\n
The soft U.S. payrolls number has markets pricing in a 44% chance of a \u200bFederal \u200bReserve hike in September, but that could change depending \u200bon what the consumer price data shows \u200con Wednesday. Median forecasts are for an increase of 0.1% in the headline and 0.2% for the core. <\/p>\n
July retail sales are out on Friday and forecasts favour a modest rise of 0.2%, though there is some downside risk given Amazon moved their Prime Day sale to June from July this year. <\/p>\n
Wall Street futures were a shade lower after a record closes on Friday, with upbeat earnings reports \u200cgiving the Nasdaq a 5% gain for the week. <\/p>\n
Analysts \u200bat BofA noted that with nearly 90% of S&P 500 \u200bresults in, earnings per share were up \u200b30% on the year after excluding investment gains at Alphabet and Amazon. A \u200c76% EPS beat rate matched the strongest \u200blevel since 2021. <\/p>\n
They added AI \u200bwas the standout, with median EPS growth of 28% versus 12% for non-AI-related stocks, though consensus expects AI to slow to 16% next quarter. <\/p>\n
Earnings are lighter this week but include \u200bsemiconductor company Applied Materials, networking \u200cequipment maker Cisco and cloud infrastructure technology company CoreWeave. <\/p>\n
Key developments that could influence markets on \u200bMonday: <\/p>\n
– EU Sentix investor confidence for August <\/p>\n
– Federal Reserve Bank of Cleveland President Beth \u200bHammack appears <\/p>\n
(By Wayne Cole; Editing by Saad Sayeed) <\/p>\n","protected":false},"excerpt":{"rendered":"Aug 10 (Reuters) – A look at the day ahead in European and global markets from Wayne Cole.…\n","protected":false},"author":2,"featured_media":243168,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[28],"tags":[29339,2340,102,67898,2288,7770,101,67897,1537],"class_list":["post-243167","post","type-post","status-publish","format-standard","has-post-thumbnail","category-strait-of-hormuz","tag-earnings-per-share","tag-global-markets","tag-hormuz","tag-oil-rises","tag-scott-bessent","tag-shipping-lanes","tag-strait-of-hormuz","tag-wayne-cole","tag-white-house"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117070646940197481","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/243167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=243167"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/243167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/243168"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=243167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=243167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=243167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}