- Oracle reported slowing cloud sales, sending tech stocks lower, while the euro and pound fell on fears of stagflation in Europe.
- Nasdaq 100 Index futures fell 0.2%, indicating that the index will pare yesterday's 1.2% gain.
- On Tuesday, tech stocks will be the focus of attention, with Apple preparing to announce a new product lineup and SoftBank-owned chip designer Arm preparing for the year's largest initial public offering. Meanwhile, Oracle emphasised the dangers of investing in highflying tech stocks.
- The euro and the pound were both trading around 0.3% lower against the dollar in Europe. Wage growth in the United Kingdom remained at a record high in the three months to July, indicating persistent inflation that will keep the Bank of England under pressure to raise interest rates again. Investor confidence in Germany's economy rose for the second month in a row, but remains at a level that will do little to alleviate the country's status as Europe's growth laggard.
- Money Markets price in around an 80% chance of an ECB 25 BPS rate rise by year-end and a 45% chance of a hike this week.
