Equity futures were slightly higher in premarket trading this morning, as traders assessed earnings from major retailers including Lowe's and Macy's.

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Investors returned to risk-off mode due to rising bond yields and oil prices, as well as concerns over China's recovery.

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Wall Street opened in red territory Friday, with China and the Fed denting investor sentiment, as well as a recent surge in bond yields.

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Markets are stabilizing after the slump caused by the release of the minutes of the Fed’s July meeting yesterday. Most officials continue to see significant upside risks to inflation, and believe that further rate hikes may be necessary. 

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Markets are increasingly worried about China's inability to get back on track economically, and about a chain reaction in the country's real estate and finance sectors. This is the main focus at the moment, alongside the usual minor worries: rate hike or no rate hike, inflation or no inflation, soft landing or hard landing, which came first: the chicken or the egg, and so on.

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Today’s news includes Walt Disney, Novo Nordisk and new US legislation to control investment in China. But it's above all July's US inflation figures that captivated investors.

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Tuesday's session saw a general return to the red for global indices. Italy suffered the most, with the Milan MIB index down more than 2%, battered by its large banking sector. The Italian government had taken everyone by surprise by introducing an exceptional tax on bank profits to capture part of the windfall generated by the ECB's rate hike. Intesa, Unicredit and co. were chopped up into small pieces, but the shockwave brought the entire European banking sector to its knees. Investors reinstated a risk premium on the bank, in case the Italian bombshell gave other executives ideas. The government was later forced to backtrack to avoid a meltdown, with the finance ministry issuing a statement stressing that the tax on net interest income would be capped at 0.1 per cent of assets.

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The market is entering one of the quietest period of the year, with fewer things happening. investors are waiting for the last company results of this earnings season, while assessing the latest economic data.

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It was a bit of a mess last week on financial markets. We had Apple and Amazon results, US labor market macro stats, a US credit rating downgrade, and conflicting comments from a few central bankers… This led to falling stocks and bonds, rising oil and a couple of other oddities.

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“One day it looks like the world economy is collapsing, the next day everything is fine. I don't know what's happening.” These comments from Elon Musk yesterday on the sidelines of Tesla's quarterly results ring rather true. It shows that even the heads of major companies are somewhat spectators of the current turmoil. Quarterly corporate results are taking up most of the media space, while we wait for central banks to come back to the limelight.

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