Analyst
European stocks experienced fluctuations due to intensified worries over China’s economic health. The Euro Stoxx 50 went down 0.8%, other European indices are mixed.
GBP sees a rise after UK inflation data outpaces expectations. UK's July inflation data reveals a dip to 6.8% from 7.9% in June and thus in-line with expectations. However, core inflation remained at 6.9% and rose faster than expected on a m-o-m view.
Decreasing gas and electricity prices helped headline inflation to come down, though it still remains significantly above the Bank of England's target. Gas, fuel and electricity price have also been rising again since the beginning of July.
Following the UK inflation data, the market's prediction for the Bank of England’s interest rate remained at a high 6%. Recent wage data and US retail sales data spurred concerns that strict central bank policies might endure longer than originally thought.
The global financial arena is on the lookout for the Fed's July policy meeting minutes set to be released later today (18:00 UTC+0). This coincides with the Eurozone prepping to announce growth statistics (GDP) later today as well (09:00 UTC+0).
CNY is leaning towards its weakest stance in 16 years against the USD. Beijing's economic challenges continue to dominate global market conversations after moves by the People’s Bank of China to enhance support for the CNY and ensure liquidity in the financial system.
Fresh data spotlighted a dip in China's new-home prices in July. Financial institutions such as JPMorgan adjusted their growth forecasts downward, adding to the economic gloom.
Oil prices demonstrate resilience and found support at $80.00 for now (following Robert's expectations) despite the overarching gloom, with both Brent crude futures and WTI Intermediate crude noting slight increases. Gold remained mostly stable slightly above key-level $1,900.
Key events today:
Inflation Rate / CPI, PPI, Retail Sales - 06:00 UTC+0 (released)
GDP Growth Rate, Industrial Production - 09:00 UTC+0
Housing Starts, Building Permits Prel - 12:30 UTC+0
Industrial Production - 13:15 UTC+0
EIA Crude Oil Stocks Change - 14:30 UTC+0
FOMC Minutes - 18:00 UTC+0
Balance of Trade - 23:50 UTC+0
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