US equity futures are indicating a largely flat open as of 04:45 ET. This follows a lower Asian session and European equity markets also opening lower. The higher interest rate backdrop is in focus after FOMC minutes showed most members remained concerned about upside risks to inflation. A focus also remains on the China slowdown and possible spillover from the real estate sector.

Companies Mentioned: BAE Systems, Ball Corporation, Hawaiian Electric, Tyson Foods

US equity futures are indicating a slightly higher open as of 04:45 ET. This follows a lower Asian session and European equity markets opening mixed to lower, following on from Tuesday's weak US session. China growth concerns and spillover risks from the real estate sector are still undermining broader sentiment. In addition, the recent backup in bond yields is also an overhang, along with conjecture that central banks could flag structurally higher neutral rates.

Companies Mentioned: Occidental, Intel, Tower Semiconductor, Esmark, US Steel

US equity futures are indicating a lower open as of 05:00 ET. This follows mixed Asian trade, while European equity markets are under pressure. The higher rate backdrop is in focus as the Treasury 10Y real yield hit its highest level since 2009. China unexpectedly cut the MLF rate while injecting a net CNY1B in medium-term liquidity. Russia has raised rates by 350 bps to 12% after recent rouble weakness.

US futures are indicating a higher open as of 04:05 ET. European equity markets have opened mixed, following a largely disappointing performance in Asia. Markets are taking lead from weakness in China with no change in broader themes. Latest US data has little bearing on Fed policy outlook, as July CPI underpinned disinflation narrative, though firmer-than-expected PPI cited as an overhang for the stock market.

Companies Mentioned: United States Steel, Cleveland-Cliffs, SoftBank, Arrival, Country Garden

US futures are pointing to a very slightly higher open as of 04:05 ET. European equity markets have opened negative, following mixed to lower levels in Asian markets. US CPI data largely supported disinflation narrative, leading markets to reduce already low probability of further Fed rate hikes. But some note disinflation path likely to be bumpy, while others highlight risk of pass-through to goods prices from resurgence of energy and food costs.

Companies Mentioned: Arco Platform, EMIS Group, UnitedHealth Group

US equity futures are indicating a higher open as of 05:00 ET. This follows higher Asian trade, with European equity markets also trading up. Risk appetite still in recovery mode ahead of the key US CPI data later today on hopes China deflation may lead to a pause (or end) in central bank hiking cycles. Some attention also on EU gas prices, which jumped 40% on Wednesday as Australia labor strikes risk 10% of global LNG.

Companies Mentioned: Baidu, Tencent, Alibaba, ByteDance, Nvidia, Tapestry, Capri Holdings, Deustche Telekom, Siemens AG, Allianz

US equity futures are indicating a higher open as of 05:00 ET. This follows mixed Asian trade, while European equity markets are higher. China's CPI has dipped into deflation territory for the first time since early 2021. The offshore yuan is rebounding amid reports China state banks were seen selling dollars. The US is set to limit the scope of its China investment ban.

Companies Mentioned: Penn Entertainment, Walt Disney, Ford Motor, General Motors, Stellantis

US equity futures are indicating a lower open as of 05:00 ET. This follows mixed Asian trade, while European equity markets are lower. There is nothing in the way of big directional drivers in play and still a lot of push and pull surrounding the big themes. Earnings takeaways over the last several weeks seem to fit with the soft-landing narrative.

Companies Mentioned: Amazon, Snap, Ant Group, Disney

US futures are pointing to a higher open. European equity markets have had a tepid open, following mixed to lower levels in Asian markets. Pickup seen in soft-landing expectations. Concerns now over corporate earnings guidance downgrades. Treasury Department's larger-than-expected borrowing needs also highlight risk of growing deficits and rising interest costs further out into future.

Companies Mentioned: New York Times, NRG Energy

US futures are indicating a higher open, with Amazon supporting Nasdaq futures amid upbeat revenue guidance and signs of AWS stabilization in its earnings highlights. European equity markets have also opened positive, following a rebound in Asian markets. Risk appetite attempting to stabilize after strong declines in past three sessions and ahead of US employment data print due later.

Companies Mentioned: Amazon, Paramount Global, KKR, Apollo Global Management