US EARLY MORNING: US index futures are little changed, and have pared back downside seen overnight; traders await Jackson Hole for next steer

US equity futures are slightly below neutral, and have been paring back losses seen overnight after soft global PMI data exacerbated growth fears. Wednesday’s price action has been subdued, with traders awaiting the Fed’s Jackson Hole Economic Symposium, where central bank officials are likely reiterate their hawkish stances and renew pledges to tackle inflation rather than provide any explicit dovish policy tilt; the full schedule of events will be released at 01:00BST August 25th (20:00EDT on August 24th). Treasury yields are narrower, in keeping with the cautious risk tone, with yields lower by 2-3bps, with the short-end outperforming. The Dollar Index is around flat and beneath 109.00, while the EUR continues to patrol territory sub-parity. Crude futures are a buck or so higher; API’s weekly inventory data reportedly showed a larger than expected draw in crude stocks – Crude -5.6mln (exp. -0.9mln), Cushing +0.7mln – though gasoline and distillate stocks, which traders have been looking at as a gaige of demand, were larger than expected, with gasoline stocks +0.3mln (exp. -1.5mln), and inventories of distillates +1.1mln (exp. +0.6mln). The US Day will see the release of Durable Goods data for July; Pending Home Sales for July; weekly DoE energy inventory data; the US Treasury will sell 5yr notes. Geopolitics will also be in focus given it is Ukraine’s independence day. Full Day Ahead here

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24 Aug 2022 - 09:31- Data- Source: Newsquawk

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