Equities: Risk sentiment holds despite oil and rates – Deutsche Bank
Deutsche Bank strategists report that US equities saw modest losses as Oil extended gains, with the S&P 500 easing slightly from record highs and chipmakers leading declines. Energy and health care outperformed.
Deutsche Bank analysts highlight that US equities saw slight declines despite oil's gains, with the S&P 500 and chipmakers leading the fall. Energy and healthcare sectors managed to outperform. Europe's major indexes hit new highs, while the UK's FTSE 100 slipped. Risk sentiment in August remained unusually strong. As oil prices rose throughout the session, risk assets faced difficulty gaining momentum, with the S&P 500, NASDAQ, and Russell 2000 declining, though energy and healthcare helped cushion the S&P 500's dip.
Intel announced a $15bn stock offering, marking its first share sale since 1971. Nvidia, meanwhile, partnered with multiple firms to provide $500bn in capital for Nvidia customers. The S&P 500 and NASDAQ 100 futures have shown a slight rebound after the US close. In Europe, the STOXX 600, DAX, and CAC 40 reached new records, while the FTSE 100 declined.
In Asia, the KOSPI was up by 1.46%, with mainland China flat and the Hang Seng down 0.60%. Japanese markets were closed for a public holiday. Meanwhile, GBP/USD moved away from a recent three-day drop and hovered around 1.3550, and EUR/USD gained momentum, surpassing the 1.1600 level as Monday's North American session concluded.
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