Daily News

Daily Briefing – Tuesday, August 1, 2017


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.



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.



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 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.



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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