Analyst
Asian markets remained mixed. Japan equities saw a boost of over 1.2%. Recent Japanese data showed July's industrial production was down -2.0% m/m, underperforming the -1.4% forecast. However, retail sales showed strength at +6.8% y/y against the +5.4% forecast. Chinese stocks on the other hand saw a downward correction, despite better-than-expected PMI data. China's August Manufacturing PMI of 49.7 surpassed the forecast of 49.2 but remained in contraction territory (below 50).
US markets closed yesterday in the green, extending recent gains, with the US 100 (+0.54%) , US 500 (+0.39%), US 30 (+0.11%), seeing gains. Salesforce released it's earnings after trading hours, showcasing a Q2 Non-GAAP EPS of $2.12, accompanying a revenue upswing to $8.6B (+11.4% Y/Y). Market reception was positive with a +5.75% spike in shares. US equity futures remain unchanged as investors await PCE data, the Fed's preferred inflation reading and Jobs data (12:30 UTC+0).
Today Europe will be seeing vital unemployment inflation data. France reported their Q2 YoY GDP growth at 1%. While inflation trends were worrisome, escalating to 4.8% in August up from 4.6% in July (y-o-y). In Germany, economic stress-points were evident. Retail sales for July fell by 2.2% YoY. Unemployment rate increased to 5.7% in August from 5.6% in the previous month, with an uptick in the number of unemployed individuals. Investors await the Eurozone inflation and job data (09:00 UTC+0) for more cues on it's economic health. European equities remain unchanged ahead of these data releases. Despite hot Eurozone inflation, the EUR has not been able to strengthen - partially due to weak economic data.
Banking giant UBS released it's Q2 earnings report with revenues climbing to $9.54B, marking a 7.0% YoY increase. It also reported an EPS of $8.99. UBS expressed caution on central bank tightening impacts on market liquidity. Geopolitical challenges, such as the Russia–Ukraine war, add to macroeconomic volatility. The bank, however, hinted at optimism, noting increased transactional momentum among Wealth Management clients.
In the commodity markets, Gold extended the upwards trend now trading above $1940. Oil experienced a slight uptick as well extending recent gains. Commodity prices are supported by US Treasury yields edging lower on rising expectations that the Fed sees enough evidence of a slowing economy and easing labor market (which would support disinflation) to remain in wait-and-see.
Key events today:
CNY NBS Manufacturing PMI - 01:30 UTC+0 (released)
EU Retail Sales - 06:00 UTC+0 (released)
EU Inflation Rate / CPI, GDP Growth Rate - 06:45 UTC+0 (released)
EU Unemployment Rate - 07:55 UTC+0 (released)
EU Inflation Rate / CPI, Unemployment Rate - 09:00 UTC+0
EU Inflation Rate / CPI - 09:00 UTC+0
EU GDP Growth Rate - 12:00 UTC+0
USPCE Price Index, Initial Jobless Claims - 12:30 UTC+0
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