Equity jitters have continued, with Euro Stoxx falling 0.8% and Asian shares on their longest losing streak since April. S&P 500 futures are down 0.2% this morning, while Nasdaq 100 futures have fallen 0.5%. In the US, concerns are growing over a temporary funding plan being rejected by the House ahead of the looming US government shutdown on Friday night, adding more short-term uncertainty and volatility amid the fallout from Wednesday night's hawkish Fed shift.
Data-wise, out of the US, we have personal consumption later today, the last major piece of data for the rest of the year. Yesterday's stronger-than-expected economic growth added weight to the Fed's change in the dot plot, cementing the post-Fed USD rally, with less than 50bps of cuts now being priced in for 2024.
In FX, JPY is the top performer against the strong USD after inflation strengthened. Bitcoin fell for the third consecutive day, down 0.7% to $96,686, while Ether dropped 1.5% to $3,366.
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