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Stock exchanges on the Old Continent ended today's trading above the dash. Germany's DAX gained 0.68%, while France's CAC 40 jumped 0.34%.
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The mood was not spoiled by the ZEW economic sentiment index for Germany, which fell to -55.3 points in August from -53.8 the previous month, while analysts had expected a reading of -53.8. The current conditions sub-index deteriorated further to -47.6 from -45.8, the lowest since April 2021.
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The Wall Street Journal reports that Germany is likely to keep the country's last 3 nuclear power plants operating. Previously, plans called for these plants to be extinguished by the end of this year. Of course, the tense energy situation most likely led to this decision. Electricity prices, meanwhile, continue to rise in Germany.
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In the U.S., sentiment has improved slightly relative to the start of today's session, however, the battle between the demand and supply side does not allow a clear direction for the session. The Nasdaq is trading close to yesterday's closing level, while the S&P500 is gaining 0.31%.
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10-year treasury yields are up 1.5% today due to good US industrial production data. It accelerated by 0.6% m/m in July, against expectations of 0.3% m/m and the previous decline of 0.2% m/m. Capacity utilization rises to 80.3% against the previous 80%. The economy is doing well, which rather points to another strong increase in the US. The question, however, is whether it is to be 50 bps or rather 75 bps again.
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US housing market data maintains downward trend.
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Annual inflation in Canada fell to 7.60% y/y in July from a 39-year peak of 8.1% in June, in line with market expectations.
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In the currency market, the Canadian dollar and the British pound are leading today. The Japanese yen and the Swiss franc are doing relatively poorly.
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In the energy commodities market today, we are seeing strong rallies in gas prices in the US and Europe, where the specter of a major energy crisis is becoming more real. Oil is getting cheaper amid expectations of a possible deal with Iran. The key issue, of course, is the U.S. agreement, but news that the European Union is looking favorably at Iran's proposals is driving oil prices down. According to the EU, Iran's proposals are very constructive.
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Precious metals are losing due to good industrial production data and expectations for hawkish Fed minutes tomorrow. The market continues to see a chance for a hawkish turn in the US central bank's policy.
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Moderate declines dominate the cryptocurrency market today. BTC is trading near $23,800, and ETH near $1,870.
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