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Global developments ECB left interest rate unchanged and hinted on taking decisions with regards to quantitative easing program in October. Draghi expressed concern regarding the recent euro appreciation, however, he neither offered mechanisms to control euro nor commented on expected currency developments. Draghi noted that the growth is robust while inflation is below projections. Draghi said that decisions about QE will be probably made in October. The decisions are to be difficult as the
Global developments Euro is slightly up supported by strong Eurozone manufacturing PMI data for August, haven assets rose on the backdrop of Trump’s comments regarding Nafta. Preliminary Eurozone manufacturing PMI data for August came out at 57.4 higher than consensus forecast of 56.3 (July’s reading was 56.6). EURUSD gained 0.3% and reached 1.180. The dollar index is down 0.3% today. US 10Y yields are flat at 2.20%. Futures on S&P 500 are 0.3% lower today after Trump threatened to terminate
Global developments ECB officials expressed concern over strengthening euro while Fed’s officials are concerned about subdued inflation. Too strong euro may decrease import goods prices and undermine ECB’s efforts to reach its inflation targets. The dollar index is up 0.1% today. US 10Y yields are flat at 2.22%. Futures on S&P 500 are 0.3% lower today after Trump disbanded two high-profile business advisory councils after two CEO’s resigned in response to his comments on weekend violence in
Global developments The dollar rose on Friday on the backdrop of better than expected labour data. US change in nonfarm payrolls came out at 209K in July higher than consensus forecast of 180K. The dollar index is flat today after rising 0.7% on Friday. US 10Y yields are flat at 2.26%. Futures on S&P 500 are slightly higher today close to the historical high. Eurostoxx 600 is 0.2% lower after publication of lower than expected industrial production data for June in Germany. Nikkei 225 is up
Global developments Sentiment is overall positive due to comparatively positive corporate earnings data while investors are waiting for Friday’s US employment data. Futures on S&P 500 are slightly higher just marginally lower than the historical high. Eurostoxx 600 is flat. Nikkei 225 is down 0.3%. The dollar index is up 0.2%. US 10Y yields are down 2 bps at 2.25%. Bloomberg commodity index is down 0.3%. Oil prices are up supported by favourable inventories data. Crude oil inventories dec
Global developments The Fed left interest rates unchanged supporting stock markets. The Fed stated that inflation stays below the target of 2% while economic short-term risks remain balanced. Global stock markets are moderately up amid mixed corporate earnings reports. Futures on S&P 500 are 0.1% higher. Eurostoxx 600 is marginally lower. Nikkei 225 is up 0.1%. The dollar index is flat. US 10Y yields are up 2 bps at 2.31%. Bloomberg commodity index is up 0.5%. Oil prices were up yesterday
Global developments The euro is down for the first time in the last three sessions amid weaker than expected PMI data. Preliminary Eurozone manufacturing PMI came out at 56.8 in July against consensus forecast of 57.2. European stocks are down amid allegations that the three biggest German automakers have been colluding for years over diesel technology. Eurostoxx 600 is down 0.2% today. Futures on S&P 500 are 0.1% lower after the index declined 0.2% on Friday. Nikkei 225 is down 0.6%. The do
Global developments The euro strengthened while ECB retained interest rates and refrained from making steps toward policy normalisation. EURUSD weakened as ECB’s Governing Council reiterated its readiness to extend asset-purchase program if the economy will get worse. However, EURUSD reversed the drop (+0.4%) after Draghi said macroeconomic data give evidence of Eurozone’s economy strength. Bloomberg commodity index is 0.3% higher today. Futures on S&P 500 are 0.1% higher after the index ros
Global developments Zinc and iron prices rose amid better than expected data on China’s economy. China’s economy grew 6.9% YoY in Q2 in line with Q1 reading higher than consensus forecast of 6.8% YoY. Zinc prices rose 1.4% and iron ore added 2.4%. Bloomberg commodity index is 0.3% higher today. Futures on S&P 500 are 0.1% higher after the index rose 0.5% on Friday. Euro Stoxx 600 is up 0.1% today. CSI 300 is 1.0% lower. The dollar is flat. US 10Y yields are 1 bp lower at 2.32%. Oil prices
Global developments Global stocks are rising after the Fed’s semi-annual monetary policy report was published yesterday. The report brought expectations that the Fed will not tighten monetary policy at the nearest meeting and thus supported risk-on sentiment. Futures on S&P 500 are 0.1% higher after the index rose 0.7% yesterday. Euro Stoxx 600 is up 0.3% today. CSI 300 is 0.8% higher. The dollar is 0.1% weaker today at the lowest level since September 2016. US 10Y yields are 2 bps higher a