Mixed session in Europe
Wall Street tries to recover recent losses
Key Chinese data to be released overnight
Monday brought a mixed session on European stock markets. Despite positive momentum at the beginning of the trading day, most indices erased early gains. At the end of the day DAX closed 0.07% lower while FTSE 100 finished the session 0.10% lower. CAC 40 managed to add 0.35%. Moods are more upbeat in America as all major indices post some solid gains. Nasdaq is rising as much as 1.90% at press time as tech companies try to recover from recent sell-off.
As far as precious metals markets are concerned, silver managed to accelerate an upward move in the afternoon thus breaking above $27 barrier. Currently silver prices are rising roughly 1.50% while gold prices advance almost 1%. EURUSD still remains above 1.18 level and the main currency pair is slowly approaching the 1.19 area. The pound tends to gain today after its recent weakness.
Today’s calendar was really light as it is usually the case on Monday. Industrial production in Japan turned out to rise 8.7% MoM in July (exp. 8.0%). Industrial production in the euro zone rose 4.1% MoM in July (exp. 4.0%). Apart from that, markets were focused on Japanese political scene as Liberal Democratic Party has chosen close Shinzo Abe confidant Yoshihide Suga as leader and next Prime Minister.
Tomorrow investors should pay attention to key data from China including retail sales and industrial production for the month of August (released at 03:00 am BST). In the morning UK will release its labour market figures. Later one should focus on German ZEW Economic Sentiment. In the afternoon United States will publish its industrial production data as well.
The pound ended its “losing” streak which resulted from EU-UK trade talks disagreements. Today’s rebound was halted at 100-hour moving average though. Source: xStation5
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