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MARKET INSIGHT

After some disappointing earnings guidance from Snapchat and concerns about Chinese economic growth, the European session has started with risk on the back foot.

  • Attention will quickly switch to flash PMIs today with readings from France, Germany, the Eurozone, UK and US all to see readings today. Expectations are generally for a small decline relative to last month's prints across both manufacturing and services.
  • We will also receive French confidence data, UK CBI data and from the US Richmond Fed and new home sales.
  • There is a lot of supply across Europe this morning, with syndications likely from Italy (15y E5bln WNG) and an inaugural Austrian green bond (25y) as well as auctions from the Netherlands (E1-2bln 30y) and UK (linker).
  • In terms of speakers we have ECB's Villeroy, Riksbank's Breman and towards the tail end of the European session, Fed Chair Powell.

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