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Prior was +0.2%June advance reading was 0.0%Ex autos -0.8% vs +0.3% expected (prior was 0.0%, revised to -0.3%)July advance reading +0.4%June year-over-year sales -0.6% vs +0.5% priorSales ex autos y/y -3.3%Vehicle sales are the only thing holding up sales and I...
Some large Canadian retailers reported a failing consumer this summer in earnings and now it's time to see the official data. We get the June retail sales report today, which is expected to be flat but eyes will be on the July advance reading.The consensus on June is...
Ethereum, like his big brother Bitcoin, eventually fold as the big picture outlook is starting to look more and more bleak with global growth endangered by the Chinese ailing economy and lack of big stimulus from the authorities, and the “higher for longer” stance...
The strongest to the weakest of the major currenciesThe JPY is the strongest and the GBP is the weakest as the North American session begins.The USD is mostly, but moderately higher as US traders enter for the day.The flash manufacturing and services data was dumped...
Headlines:Markets:JPY leads, GBP lags on the dayEuropean equities mixed; S&P 500 futures up 0.16%US 10-year yields down 6.9 bps to 4.258%Gold up 0.4% to $1,904.34WTI crude down 1.4% to $78.51Bitcoin up 0.3% to $25,926It was all about the PMI data releases in...
European indices have pared their earlier gains as US futures also pull back from the highs earlier. At first, it seemed like the awful PMI data in Europe would have no impact on equities but we are starting to see some nerves creep up again now. Here's a snapshot of...
Prior -0.8%Market index 184.8 vs 193.0 priorPurchase index 142.0 vs 149.5 priorRefinance index 397.1 vs 408.4 prior30-year mortgage rate 7.31% vs 7.16% priorThe pain in the mortgage market continues as we see another 4% drop in applications in the past week. Both...
Bitcoin eventually fold as the big picture outlook is starting to look more and more bleak with global growth endangered by the Chinese ailing economy and lack of big stimulus from the authorities, and the “higher for longer” stance from the Fed or even more rate...
Article by IG Senior Market Analyst Axel RudolphFTSE 100, DAX 40, Dow Jones Analysis and ChartsFTSE 100 still hovers above supportThe FTSE 100 continues to precariously range trade in low volatility above its March and July lows at 7,228 to 7,204 which represents...
EUR/USD daily chartThe drop in the euro today comes as traders are also pulling back on odds of a 25 bps rate hike by the ECB next month. That has been trimmed to ~51% now from around ~65% before the PMI data. In turn, this is all weighing on the euro with EUR/USD now...
Copper continues to be tightly correlated with what happens in China, which is not surprising given that China makes up for more than 50% of world imports. In fact, we saw how the stimulus hopes raised the price of Copper, and weak economic data and lack of major...
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Cable is now down to fresh lows on the day at 1.2675 after having fallen initially from around 1.2750 to 1.2725 after the poor euro area PMI readings, and then now from there after the less worse but still bad UK PMI readings here.GBP/USD daily chartIf anything else,...
Prior 51.5Manufacturing PMI 42.5 vs 45.0 expectedPrior 45.3Composite PMI 47.9 vs 50.3 expectedPrior 50.8From one troubled economy to another, these are some poor PMI readings for the UK in August. The services sector is seen slumping into contraction territory and...
Prior 50.9Manufacturing PMI 43.7 vs 42.6 expectedPrior 42.7Composite PMI 47.0 vs 48.5 expectedPrior 48.6The services and composite readings are at 30-month and 33-month lows respectively. That is the key thing to note as the euro area economy is slumping further in...
UK:The BoE hiked by 25 bps as expected. The central bank seems to be leaning more on the less hawkish side as a key line in the statement was tweaked to indicate the propensity for a “higher for longer” stance rather than keeping with additional rate hikes. Recent...
Just looking at the headlines, it is a bad one especially for the German economy. Europe's backbone is seeing its steepest decline in business activity since May 2020 and that does not bode well for the region, especially with services activity now also slumping hard...
In particular, the ugly one is Germany's set of PMI data as it reinforces the risks of a recession in Europe's biggest economy. 10-year German bund yields have now fallen by over 10 bps on the day to 2.55% and that is leading to a broader drag on yields across the...
The prospects of a rate hike for next month are being cut now, falling to ~52% from around ~65% before we got to the PMI readings today. The euro is sliding lower especially after the German PMI data here, which shows the steepest decline in business activity since...
Prior 38.8Services PMI 47.3 vs 51.5 expectedPrior 52.3Composite PMI 44.7 vs 48.3 expectedPrior 48.5Ouch. That services reading is really awful as German business activity suffers its steepest decline since May 2020. Now both the manufacturing and services sectors are...