European equity markets are broadly in the green today, with investor sentiment buoyed by a strong performance from technology stocks. US equity futures are mixed, with the Nasdaq Composite outperforming, boosted by a 5.7% pre-market rally in Google shares. The judge ruled that Google will not have to sell Chrome or Android in the monopoly case but must share search data with rivals and stop exclusive distribution contracts.

In the foreign exchange market, trading is contained as an early pick-up in the US dollar fizzled out ahead of the JOLTS report. Early rises in yields have since reversed, with bonds now bouncing back. Oil prices are down on reports that OPEC+ is mulling another oil production hike, while spot gold holds an upward bias after reaching levels near USD 3,550/oz.

Looking ahead, the US will release its Durable Goods Report (Jul), JOLTS Job Openings (Jul), National Bank of Poland Announcement, Federal Reserve Beige Book, Bank of England’s Bailey, Lombardelli, Greene & Taylor, and Fed’s Musalem & Kashkari. These reports will provide valuable insights into the state of the US economy and may impact market sentiment.

Today’s market action suggests that investors are cautiously optimistic about the outlook for global growth, despite ongoing geopolitical risks and concerns about inflation. The performance of technology stocks, particularly Google, has been a key driver of market sentiment today. However, with several high-impact economic reports due in the coming days, investors may need to remain vigilant in their positioning.