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Daily Briefing – Tuesday, August 1, 2017

Europe

Amidst a sea of red in European indexes yesterday thanks to a strengthening Euro, the FTSE eked out a 0.05% gain on rising HSBA shares but an almost equal gain in the GBP. Consumer credit and mortgage applications once again dropped below expectations, the latter hitting a 9-month low. European consumer inflation increased a tad to 1.2% and unemployment fell to 9.1% – its lowest since 2009, all this as Germany continues the central bank to end stimulus programs.

 

US

With major indexes diverging, the US treasury has announced its intention to offer half a trillion USD in additional debt in the year’s 4th quarter. Yesterday, the Chicago PMI crashed to a 29-month low erasing the month’s gain as fears of stagflation increases. The Dallas Fed manufacturing business index, on the other hand, added a surprising 3 points. Pending home sales remained stable YoY but increased 1.5% on a monthly basis after receding for the past 3 months.

 

Asia

After a better-than-expected increase in the Chinese Caixin manufacturing PMI to 51.4 overnight (the 2nd month of gains in a row) all Asian indexes closed in the green this morning, led by China’s FTSE (+1.03%). Analysts are taking caution over a spike in Hong Kong’s LIBOR rate which is at its highest since the October 2008 economic crisis broke out. Australia this morning maintained its interest rate at 1.5%

 

Shares

Shares continues to impress, with quarterly earnings due from Apple and Sony today. Shares for the former are down ½% following a reported pause in sales as the company gears up for its next launch.

 

Commodities

WTI continues above the $50 this morning after the US set in motion sanctions against Venezuela, freezing the assets of its leaders. The increase places oil on its highest monthly rise in 4 months.

 

Today’s Events

7:15-8:30 AM GMT

EU: Markit Manufacturing PMIs for Spain, Italy, France, Germany, Greece and the Eurozone, followed at 9 by the EU’s Q2 GDP

12:30 PM GMT

US: Personal consumption, followed at 1:45 by the Manufacturing PMI and 2 – ISM PMI & construction sepnding

8:30 PM GMT

API Weekly Crude Oil Inventories

9:45 PM GMT

New Zealand: Unemployment, participation & labour cost.

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