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MNI EUROPEAN MARKETS ANALYSIS: PMIs Point To Slowing Global IP And Trade Flows

  • Asian equity markets have seen significant selling pressure today, as US equity futures broke down through Tuesday lows. Tech related indices saw the largest sell-offs.
  • In the FX space, yen and CHF gains were evident, although outperformance was limited against the likes of AUD. US Treasury futures have edged slightly higher today, although we remain within Tuesday's ranges. The 10yr yield is close to 3.80%.
  • Oil prices fell sharply on Tuesday and have continued to sell off during APAC today. Global PMI trends point to slowing glboal IP and trade flows, see below for more details.
  • Later the Fed’s Beige book is released and July JOLTS job openings, durable goods orders and trade balance print. The ECB’s Elderson speaks, European August services/composite PMIs are released and the BoC decision is announced. Friday’s US payrolls will be a focus for crude markets as they await Fed easing to support demand.

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  • Asian equity markets have seen significant selling pressure today, as US equity futures broke down through Tuesday lows. Tech related indices saw the largest sell-offs.
  • In the FX space, yen and CHF gains were evident, although outperformance was limited against the likes of AUD. US Treasury futures have edged slightly higher today, although we remain within Tuesday's ranges. The 10yr yield is close to 3.80%.
  • Oil prices fell sharply on Tuesday and have continued to sell off during APAC today. Global PMI trends point to slowing glboal IP and trade flows, see below for more details.
  • Later the Fed’s Beige book is released and July JOLTS job openings, durable goods orders and trade balance print. The ECB’s Elderson speaks, European August services/composite PMIs are released and the BoC decision is announced. Friday’s US payrolls will be a focus for crude markets as they await Fed easing to support demand.

Keep reading...Show less