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Eurozone GDP flash report y/y came in 0,6% vs : 0,6% exp and 1% previously and 0,3% q/q - in line with expectations. Eurozone June industrial production increased to 0.5% y/y, while markets expected 0,1% decline
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The FOMC minutes turned out to be ambiguous. Most Fed members see the risk of higher inflation, which could lead to further hikes. On the other hand, some members talk about the risk of tightening too much. This raises the prospect of no hikes if inflation showed a smaller rebound in subsequent readings
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July CPI in UK came in 6.8% vs 6,7% exp. and 7,9% previously. Core inflation was slightly higher than expected - 6,9% y/y vs awaited 6,8% reading and 6,9% previously
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FTSE ended session 0,44% lower, CAC40 lost 0,10% and DAX increased 0,14%;
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Fed members discussing risks to the economy and inflation indicated that cumulative monetary tightening could bring the economy into a larger slowdown than expected
- Major Wall Street indices are trading lower: Nasdaq loses 0,8%, S&P 500 0,6% and Dow Jones is traded 0,4% lower
- US industrial production rose 1.0% m/m for July, clearly above market expectations of 0.3% m/m. This is also a significant improvement after the 0.8% m/m decline for June. After the data, we saw further strengthening of the dollar
- U.S. home construction starts rise to 1.452 million vs. exp. 1.45 million and the previous level of 1.398 million. US Building permissions for July came in 1.442 million vs 1.46 million exp. and against a previous level of 1.441 million. We also have a decline in mortgage applications at 0.8% weekly, with the previous decline at 3.1% weekly.
- China indices ended today session lower amid real-estate market slowdown and shares of Country Garden developer extended declines
- Oil inventories according to the DOE fell by as much as 7 million brk per day against expectations of a decline of 2 million brk per day. Gasoline stocks, however, are down slightly and distillate stocks are up slightly. Oil, however, is falling quite sharply, with WTI below $80 per barrel, due to demand uncertainty from China and a USD strong dollar. NATGAS loses nearly 2,5%, in line with WTI and Brent futures declines;
- Cryptocurrencies sentiments are mixed but Bitcoin defended $29,000 level after dynamic sell-off
Source: xStation5
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