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French production PMI (August) Prelim
PMI French Services (August) Prelim
German manufacturing PMI (August) Prelim
German Services PMI (August) Prelim
Euro production PMI (August) Prelim
Markit composite PMI for the euro (August) Prelim
PMI Eurozone Services (August) Prelim
It’s a bearish day for the biggest Europeans on Thursday. The CAC40 fell 1.33% to pave the way for the fall. It is not much higher for the DAX30 and EuroStoxx600, which recorded losses of 1.14% and 1.07% respectively.
A mix of disappointing U.S. knowledge And market reaction to the minutes of Wednesday’s FOMC assembly damage.
The minutes of the FOMC assembly were unveiled after the EU’s closure on Wednesday, and the Fed presents a bleak picture for the economy.
After the minutes of the FOMC assembly, the minutes of the ECB’s policy assembly were of little consolation.
It was a quiet day in the economic calendar of the euro area. Key statistics include July wholesale inflation figures for Germany.
According to Destatis,
The manufacturer’s value index rose by 0.2% in July, after stagnating in June. Economists had forecast a 0.1% increase.
Year after year, the manufacturer’s value index fell by 1.7%.
On an annual basis, oil fell by 16.7%, herbal fuel (distribution) fell by 14.1%.
The overall energy index dropped by 0.5% compared to July 2019.
Intermediate goods prices fell by 2.3%, while the costs of non-durable client goods increased by 0.5%.
Compared to July 2019, capital goods rose 1.1% and durable client goods by 1.6%.
On the front lines of financial policy, the minutes of the ECB’s financial policy assembly were also brought attention. In the last few minutes
The financial market had continued to normalised since the June meeting. However, they remained narrower and more fragile than before the pandemic.
There is some caution about recent positive market progressions that were not fully supported by economic data. This may simply be based on too positive expectations about the European Council’s stimulus package. Hopes for progress in vaccine progression have also supported inventory markets.
Members agreed that a very accommodative financial policy remained appropriate. A moderate to medium-term outlook for value stability and a significant economic slowdown supported it.
Uncertainty about the outlook remained high.
The threat of a persistent increase in the unemployment rate and uncertainty over the extent to which the business sector could cope with solvency disorders was highlighted.
It was noted that a number of transitional tax measures are likely to expire in the autumn. This would disclose companies more directly to have an effect on the impact of the pandemic. The ECB would take these points into account and the additional data available in the autumn to adjust the financial policy if necessary.
It was a busy day in the economic calendar. The Philadelphia Fed’s production rate in August and weekly unemployment records were the center of attention.
In August, the Philadelphia EDF production rate rose from 24.1 to 17.2. Economists had forecast a decline to 21.0. The employment sub-index rose from 20.1 to 9.0.
In the week ending August 14, the first unemployment programs reached 1.106 million, up from 971,000 a week. Economists had predicted 925,000 complaints.
For the DAX: It’s a bearish day for the automotive industry on Thursday. Volkswagen slid 2.02% to lead the way. BMW and Continental were not left behind, with losses of 1.22% and 1.75% respectively. Daimler fell 0.98% more modestly on the day.
It’s also a bearish day for banks. Deutsche Bank reversed the gain of 2.59% on Wednesday, 2.45% less, while Commerzbank fell 3.66%.
On the CAC side, it’s a bearish day for banks. BNP Paribas fell 2.39%, while Crédit Agricole and Soc Gen fell 2.71% and 2.62% respectively.
It is also a bearish day for the French automotive sector. Peugeot and Renault closed the day at 3.08% and 4.86% losses respectively.
Air France-KLM fell 2.45%, while Airbus SE fell 1.54% on the day.
It’s a third consecutive day in green for the VIX on Thursday. After a 4.79% gain on Wednesday, the VIX rose 0.80% to finish the day by 22.72.
The S-P500 and nasdaQ rose 0.0.32% and 1.06% respectively, and the Dow rose 0.17%.
A shadowy Fed and disappointing economic knowledge of the United States backed the VIX that day.
It’s a busy day in the euro area economic calendar. Key statistics come with the initial personal sector MIPs for France, Germany and the euro area.
Later in the day, August’s customer confidence figures for euro dominance will also be a cause for concern.
Expect the initial figures to have an effect on the curtains in the big leagues of the day.
In the United States, the initial PERSONAL Sector PMI in August will also provide guidance. The figures are expected to be higher than trusted by customers in the euro area.
Away from the economic calendar, a number of key spaces remain. These come with news about COVID-19, tensions between the United States and China, and updates on the US COVID-19 stimulus plan.
In futures markets, at the time of writing, the DAX rose 83 points, the Dow rose 92 points.
For a review of all of today’s economic events, check out our economic calendar.
This article was originally published on FX Empire
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