US futures are indicating a slightly positive open today. European equity markets are trading firmer, while Asian markets have finished mostly higher. Market attention is focused on the softer-than-expected US CPI data, which has reinforced expectations for a potential September Fed rate cut. Core inflation is down to its lowest annualized level since early 2021. Eyes are now on today’s July retail sales and Walmart earnings for further indications on the health of the US consumer and the potential implications for the ongoing soft- vs. hard-landing debate. In Europe, Bank of England rate cut expectations have risen due to softer-than-expected inflation. Later today, the Norges Bank is expected to announce its policy decision, with markets anticipating the rate will remain at 4.5%.

Companies Mentioned: T-Mobile US, Arm Holdings, INTC, NVIDIA, XPO Inc.