![]() ![]() German wages rose at a record annual pace of 6.6% in 2Q 2023, giving a boost to consumers’ spending power while also fueling concerns about inflation being pushed up by rising labor costs. It marked the lowest reading since May, as persistently high inflation continued to weigh on sentiment. ![]() The GfK Consumer Climate Indicator of Germany dropped to -25.5 heading into September from a revised August figure of -24.6, missing the market forecast of -24.3. Back in March, that 5% figure was widely seen as conservative. As of this morning, the prevailing probability shown by the CME FedWatch Tool sees no rate hike at the Fed’s September meeting, but a better than 50% chance for another 25-basis point rate hike exiting the November meeting.Įconomists surveyed by Bloomberg now see China’s GDP expanding 5.1% YoY this year, down from an earlier expectation of 5.2%, and closer to the government’s target of about 5%. As each of the week’s data is released, we would suggest readers gauge market reaction by watching both the Fed Funds Futures curve through the CME FedWatch Tool and the movement in 10-year Treasury yields. Paired with thinning trading volumes leading up to the Labor Day weekend, investors are likely to take a risk-off mood until all the data is in hand. Following comments last week from Fed Chair Powell, the Fed is ready to raise rates further if the data suggests that is appropriate, making the importance of these reports greater than usual. economy and potential clues on the outlook for Fed policy. Today starts the tidy sum of economic data over the next few days that will bring fresh indications for the strength of the U.S. European markets are up just about across the board in midday trading and U.S. ![]() China’s Shanghai Composite advanced 1.20% as policy support for mainland equities continued to stoke a near-term rally, and Hong Kong’s Hang Seng was up 1.95% on a broad rally led by Producer Manufacturing names. India’s SENSEX added 0.12%, Japan’s Nikkei rose 0.18%, South Korea’s KOSPI gained 0.34%, and Australia’s ASX All Ordinaries and Taiwan’s TAIEX both closed 0.69% higher. Asia-Pacific equity markets finished the day ahead. ![]()
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