News

Nvidia (NVDA.O) rose slightly, currently up 0.15%, after previously falling as much as 0.81%.

[Germany Lowers Winter Gas Storage Forecast, Says 60% to 70% Inventory is Sufficient] Germany's Ministry of Economic Affairs stated that natural gas storage levels of 60% to 70% at the start of winter would be sufficient to meet demand, indicating that Europe's largest energy consumer will not have much buffer in the face of supply disruption risks. "At the start of winter, storage levels of 60% to 70%, coupled with additional import capacity, should generally be sufficient to meet average winter demand," the ministry said in a statement on Thursday. The ministry added that governments "can and will respond" should energy supply security be threatened. Europe has struggled to replenish its natural gas reserves this year due to disruptions in gas supplies from the Middle East, making stockpiling less attractive to utilities and traders. Current storage levels across the continent are below normal for this period, with the average fill rate of storage facilities across the EU slightly above 61%, the lowest level for this time of year since records began in 2009. Germany, the region's largest storage market, has a storage facility fill rate of only about 50%.

[US Treasury Increases Buybacks to Stabilize Bond Market; US Mortgage Rates Fall for Two Consecutive Weeks] US mortgage rates fell for the second consecutive week after the Treasury announced it would increase the scale of long-term Treasury bond buybacks to help stabilize the bond market. Freddie Mac said in a statement that the average rate for a 30-year fixed-rate mortgage fell to 6.65% from 6.67% a week earlier. A year ago, the rate was 6.58%. Borrowing costs remain a major concern for potential homebuyers, as the protracted war with Iran keeps inflation risks high. Jack Krimell, senior economist at Realtor.com, wrote, "The movement at the long end of the yield curve highlights market concerns about inflation and the fiscal outlook, which could put upward pressure on mortgage rates in the coming weeks."

United Airlines (UAL.O): Completed the first phase of expansion of the world's largest pilot training facility. The second phase of expansion will begin next year, with operations expected to commence in 2030.

According to related documents, the Department of Justice urged judges not to schedule emergency hearings regarding the Disney (DIS.N) license renewal lawsuit.

According to Sky News: British banking giants have warned against further tax increases.

U.S. Central Command: As of August 20, it had forced 67 merchant ships to change course, rendered 3 ships inoperable, and boarded and inspected 2 ships to ensure they were in compliance with requirements.

A Common App report states that the number of international students applying to U.S. universities has decreased by nearly 16,000.

Common App released a report on US college application trends, showing that the number of international students applying to US colleges has decreased by 10% this year.

Walmart (WMT.N) fell to an intraday low, dropping nearly 10%.

Fannie Mae: The average 30-year fixed-rate mortgage rate in the U.S. was 6.65% in the week ending August 20, down from 6.67% the previous week.

The Nasdaq fell 1%, the Dow Jones Industrial Average dropped 0.8%, and the S&P 500 declined 0.4%.

Federal Reserve Chairman Mossallem: I do not want to give a clear opinion on what action the Fed will take at the September FOMC meeting. I will not predict the September meeting.

Federal Reserve Chairman Mussalim: I recommended raising interest rates in July.

Federal Reserve Chairman Mussalim: I hope to bring inflation down to 2% within 18 months.

Federal Reserve's Mussalim: When supply shocks occur, core inflation must be monitored.

Federal Reserve's Mussaleam: The labor market is not putting inflationary pressure on prices.

Federal Reserve's Mussaleam: Forward guidance implies commitment, while communicating the policy framework is different.

The German DAX 30 index closed down 151.32 points, or 0.58%, at 25,978.46 on Thursday, August 20th; the UK FTSE 100 index closed down 3.20 points, or 0.03%, at 10,740.15 on Thursday, August 20th; and the FCHI index closed down 48.82 points, or 0.57%, at 8,453.09 on Thursday, August 20th. The Euro Stoxx 50 index closed down 22.81 points, or 0.35%, at 6421.65 on Thursday, August 20; the Spanish IBEX 35 index closed down 43.91 points, or 0.22%, at 19803.59 on Thursday, August 20; and the Italian FTSE MIB index closed up 26.80 points, or 0.05%, at 52645.00 on Thursday, August 20.

Federal Reserve's Mussalim: Forward guidance is useful when interest rates are at zero.