Market Highlights
The US non-farm payroll report, released before market open, showed a higher unemployment rate than expected, which resulted in a rise in US futures. The narrative “bad news is good news” is driven by expectations that slowing economic activity would make it more likely the Federal Reserve cuts rates in the nearer future. Later in the morning, stronger PMI numbers had the opposite effect and markets gave up their gains, with both S&P 500 and Nasdaq 100 closing nearly unchanged.
Expectations of movement for the next (shortened) trading week are low, as implied volatility for the 8 September expiry trades at 9%. On the background, this week the price of oil steadily rose topping 85 dollar, as the market anticipates on production cuts by OPEC+. Most Asian night futures were little changed (Hong Kong markets continued to be closed due to Super Typhoon Saola), though A50 futures were up nearly 1% in overnight trading.
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数据源自芝加哥时间2023年9月1日下午16时Bloomberg (平价波动率数据源自True Partner)。