- Concerns on China are still keeping markets in a choke hold. Chinese equities are still selling off with the Hang Seng Index down near 1.5% at the closing bell. The Shanghai Composite fell over 7%.
- At 11:00 GMT, the Mortgage Bankers Association will release the weekly Mortgage Applications Index. Previous week showed a contraction by 1.3%. No forecast available.
- At 14:00 GMT, August Wholesale Inventories are due. Expectations are for a steady 0.2% growth as seen in July.
- Two Fed speakers on the docket this Wednesday:
- Around 16:30 GMT Federal Reserve Vice Chair Phillip Jefferson (a neutral FOMC member according to FXStreet’s Fed Tracker) delivers a speech at an event organized by the Charlotte Economics Club in Charlotte, North Carolina.
- At 22:00 GMT, Federal Reserve Bank of San Francisco President Mary Daly (also neutral according to the Fed Tracker) participates in a moderated conversation and a Q&A session at Boise State University.
- The US Treasury is heading to markets to auction a 10-year Note at 17:00 GMT.
- European equities are looking for direction, and are trying to push back against the negative drag from the Chinese sell-off, which has been restricted to just Chinese indices this Wednesday. US stock futures are down, less than a quarter of a percentage.
- The CME Fedwatch Tool shows an 88.6% chance of a 25 basis point (bps) interest rate cut at the next Fed meeting on November 7, while 11.4% is pricing in no rate cut. Chances for a 50 bps rate cut have been fully priced out now.
- The US 10-year benchmark rate trades at 4.02%, the highest level since mid-August.
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