Fundamental OverviewYesterday, we got the US ISM Manufacturing PMI and even though the headline number missed expectations, under the hood the report was better than the prior month. The bad news was new orders falling further into contraction, which is a proxy for...
Eurozone July PPI +0.8% vs +0.3% m/m expected
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German trade lobby sounds warning as recession clouds circle
The BGA trade lobby group warned that German exporters in particular are facing up against a recession in foreign trade, no thanks to the government. They said that the direction in which Berlin has leaned towards in recent years are not helping. 70% of businesses...
UK August final services PMI 53.7 vs 53.3 prelim
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Eurozone August final services PMI 52.9 vs 53.3 prelim
Prior 51.9Composite PMI 51.0 vs 51.2 prelimPrior 50.2A slight revision lower but the readings are still better than July. It mostly owes to a jump in French business activity though, which is arguably a one-off thanks to the Paris Olympics. One major detail to be...
Germany August final services PMI 51.2 vs 51.4 prelim
Final Services PMI 51.2 vs. 51.4 expected and 52.5 prior.Final Composite PMI 48.4 vs. 48.5 expected and 49.1 prior.Key findings:HCOB Germany Services PMI Business Activity Index at 51.2 (Jul: 52.5). 5-month low. HCOB Germany Composite PMI Output Index at 48.4 (Jul:...
Who is the market’s next unicorn?
For investors, the ultimate dream is to discover a unicorn company before it takes off and generates huge profits. History is full of such success stories, most recently in the technology sector.Recent examples in the semiconductor sector include Nvidia, AMD, ASML,...
France August final services PMI 55.0 vs 55.0 prelim
Prior 50.1Composite PMI 53.1 vs 52.7 prelimPrior 49.1The boost in August is likely a one-off, owing much to increased demand from the Paris Olympics. This is evident as the upturn in terms of new business was relatively weak, coming in below the survey average. While...
German economy expected to contract this year, says Kiel Institute
They had previously penciled in a 0.2% growth forecast for the German economy this year. Meanwhile, they also revised lower their projection for the economy next year. That is now see at a growth of 0.5%, down from 1.1% in their previous forecast.Again, with all these...
Italy August services PMI 51.4 vs 52.6 expected
Services PMI 51.4 vs. 52.6 expected and 51.7 prior.Composite PMI 50.8 vs. 50.3 prior.Key findings:Fresh decreases in both total and international sales. Softest rise in business activity seen since January. Optimism in the outlook dips to ten-month...
Spain August services PMI 54.6 vs 54.5 expected
Services PMI 54.6 vs. 54.5 expected and 53.9 prior.Composite PMI 53.5 vs. 53.4 prior.Key findings:Uplift in growth despite weaker rise in new work. Slowest cost inflation since March 2021. Sentiment down to eight-month low.Comment:Commenting on the PMI data, Jonas...
Latest drop in oil prices may have more legs to run
Geopolitics provided a bit of a boost to oil prices in recent months but it is a factor that always fades eventually. It's no different this time around. And with growing worries surrounding global growth, that is putting added pressure to the outlook for the oil...
A slower start for major currencies so far today
The ranges for the day are still relatively narrow for the most part, with USD/JPY again holding the largest one. That said, even the range there is just a little over 60 pips with the pair continuing to gyrate in and around the 145.00 mark.The dollar did threaten a...
Reminder: There is no ADP roulette on the agenda today
It is a Wednesday on a non-farm payrolls week. And that typically means we should observe the US ADP roulette. However, not this week at least. Monday featured a US holiday so the timeline for data releases are pushed back a little. That will see the ADP employment...
Risk stays on the defensive after the selloff yesterday
It looks like the bump higher during month-end last week was just that. Equities are starting to feel nervous again, with concerns surrounding Nvidia and tech resurfacing. It was brushed aside briefly after the earnings last week but added worries about global growth...
ForexLive Asia-Pacific FX news wrap: Australian GDP miss
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More on Bank of America cutting its forecast for economic growth in China
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European Central Bank Elderson speaking Wednesday – not on the economy or monetary policy
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S&P on New Zealand’s CA deficit – if it doesn’t narrow could trigger for rating downgrade
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SEK traders – heads up for Riksbank First Deputy Governor Breman speaking Wednesday
0730 GMT / 0330 US Eastern time:Riksbank First Deputy Governor Anna Breman participates in a panel discussion at a conference organised by the European Banking Authority (EBA) and the European Central Bank (ECB)--Sveriges Riksbank is the central bank of Sweden, and it...