Inflation Resurgence Rattles European Markets

US equity futures rose as data revealed that the US economy expanded at a slower rate than previously estimated in Q2, leading to speculation that the Federal Reserve is nearing the end of its rate-hike cycle. The S&P 500 and Nasdaq 100 futures turned higher after the release of the second-print gross domestic product data. Additionally, a report showed that US companies added the fewest jobs since March, consistent with recent data indicating a moderation in labor demand. European bonds and stocks fell as inflation data suggested that inflation may not yet be fully on the retreat in the eurozone.