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US Q2 employment cost index +0.7% vs +0.9% expected

Fri, Jul 30, 2021 12:33 PM

Highlights of the employment cost index report This report is rarely a market mover.

Canada industrial product prices 0.0% versus -0.5% estimate

Fri, Jul 30, 2021 12:31 PM

Industrial product prices unchanged for June - IPP came in unchanged versus -0.5% estimate. Last month the IPPI rose 3.1% - 15 of 21 major subcomponents for the IPPI rose. 5 were down and one was unchanged

US June PCE core inflation 3.5% y/y vs 3.7% expected

Fri, Jul 30, 2021 12:30 PM

Highlights of the Fed's personal consumption expenditure report Consumer spending and income for June:This is another sigh of relief for markets. I think the flat headline is important as well. We've likely seen the highs now and we can already see the goods inflation and energy inflation rates are turning lower y/y:

Canada GDP for May -0.3% vs -0.3% estimate

Fri, Jul 30, 2021 12:30 PM

Canada GDP for the month of May

ForexLive European FX news wrap: Dollar steady, risk stays on the softer side

Fri, Jul 30, 2021 11:53 AM

Forex news from the European trading session - 30 July 2021 Headlines: Markets: - EUR leads, AUD lags on the day - European equities lower; S&P 500 futures down 0.6%

Japan top health advisor says might need to discuss further curbs on movement of people

Fri, Jul 30, 2021 11:09 AM

Japan may look to take further steps to curb the virus spread This comes after state of emergency measures were announced for four other prefectures (Chiba, Saitama, Kanagawa, Osaka) and the one in Tokyo being extended through to 31 August earlier today . A snapshot of the cases in Japan:

Equities still keep on the defensive so far in European trading

Fri, Jul 30, 2021 9:42 AM

European stocks lower but still poised for a decent month European indices are holding lower by around 0.4% to 0.8% mostly on the session, as equities are still seeing a slight retreat towards the end of the week/month.

Eurozone Q2 preliminary GDP +2.0% vs +1.5% q/q expected

Fri, Jul 30, 2021 9:01 AM

Latest data released by Destatis - 30 July 2021 - -0.3% - GDP +13.7% y/y - Prior -1.3% A solid beat sees the euro area economy bounce back after a more subdued Q1, helped by looser virus restrictions in general. Demand conditions returned strongly and was a key contributor to the rebound in economic activity.

Eurozone July preliminary CPI +2.2% vs +2.0% y/y expected

Fri, Jul 30, 2021 9:01 AM

Latest data released by Eurostat - 30 July 2021 The headline reading climbs above the ECB target and the trend is likely to keep that way amid rising cost inflation and base effect adjustments (higher oil prices part of the picture). The central bank will continue to brush all of this aside as underlying inflation remains

China's Politburo says that will keep yuan exchange rate basically stable

Fri, Jul 30, 2021 8:42 AM

China's Politburo remarks on the economy and policy The remarks pretty much reaffirms China's stance on the economy and policy steps though the PBOC did move today in defending the yuan, fixing it markedly higher and that has helped USD/CNY close at its lowest since 25 June @ 6.4560.

Japan officially announces state of emergency for four more prefectures

Fri, Jul 30, 2021 8:21 AM

Also extends Tokyo state of emergency to 31 August This covers the three prefectures near Tokyo, that being Chiba, Saitama, and Kanagawa, adding to the state of emergency for Osaka as well.

Germany Q2 preliminary GDP +1.5% vs +2.0% q/q expected

Fri, Jul 30, 2021 8:00 AM

Latest data released by Destatis - 30 July 2021 The negative revision to Q1 doesn't help in the context of the overall picture as the economy is still 3.4% below pre-pandemic levels at this stage.

Italy Q2 preliminary GDP +2.7% vs +1.3% q/q expected

Fri, Jul 30, 2021 8:00 AM

Latest data released by Istat - 30 July 2021 This bolsters hopes of a stronger recovery in the summer but the outlook for the remainder of 2H 2021 remains subject to how the virus situation plays out and if supply chain disruptions will pose a bigger challenge to businesses in the months ahead.

Australia PM Morrison outlines road map out of restrictions for the country

Fri, Jul 30, 2021 7:57 AM

Some targets laid out by Morrison and the government That said, one has to think that this road map will surely change depending on the virus situation and also how feasible it is to reach Phase C in a "reasonable" amount of time.

Australia PM Morrison: 80% of adult population needs to be fully vaccinated before considering reopening borders

Fri, Jul 30, 2021 7:49 AM

Australian prime minister, Scott Morrison, remarks As of 28 July, roughly 14% of the total population in Australia has been fully vaccinated.

Major currencies strike a calmer tone despite risk headwinds

Fri, Jul 30, 2021 7:16 AM

Little change among major currencies to start European trading This comes despite a more defensive risk tone observed elsewhere with European equities tracking lower and US futures marked down rather substantially.

European equities lower to kick start the day

Fri, Jul 30, 2021 7:09 AM

A softer tone as the session gets underway The softer tones carry over from Asia, where the Hang Seng is still down 1.8% going into the final hour of trading while the Shanghai Composite closes down 0.4%. The positive from that is both indices are well off the lows seen earlier in the day.

Switzerland July KOF leading indicator index 129.8 vs 130.0 expected

Fri, Jul 30, 2021 7:00 AM

Latest data released by KOF - 30 July 2021

Spain Q2 preliminary GDP +2.8% vs +2.2% q/q expected

Fri, Jul 30, 2021 7:00 AM

Latest data released by the National Statistics Institute - 30 July 2021

France July preliminary HICP +1.6% vs +1.4% y/y expected

Fri, Jul 30, 2021 6:48 AM

Latest data released by INSEE - 30 July 2021 The reading beats estimates but is slightly softer compared to June. This still reaffirms stronger price pressure in the French economy but nothing nearly as dramatic as the increase seen in the German economy for the month of July.

France's Le Maire: Q2 economic performance was 'exceptional'

Fri, Jul 30, 2021 6:25 AM

Remarks by French finance minister, Bruno Le Maire - French economic growth in Q2 better than forecast - Marked an exceptional performance by the economy - Puts France on track to meet 6% growth target this year Well, considering the easing of virus restrictions since May, it is definitely a solid bounce back as pent-up demand helped to bolster

Eurostoxx futures -0.8% in early European trading

Fri, Jul 30, 2021 6:05 AM

A more defensive risk posture in early trades This mirrors the softer mood seen in US futures, with risk on the retreat in general to start the day. S&P 500 futures are down 0.9% currently.

Trade ideas thread - European session 30 July 2021

Fri, Jul 30, 2021 5:51 AM

Daily thread to exchange ideas and to share your thoughts Amazon earnings disappointed somewhat and that is weighing on tech sentiment, not helped by the renewed selloff in China as well. The Hang Seng is down 2.4% while the Shanghai Composite is down 1.0% as we look to get into European trading.

France Q2 preliminary GDP +0.9% vs +0.8% q/q expected

Fri, Jul 30, 2021 5:41 AM

Latest data released by INSEE - 30 July 2021 A modest bounce in French economic activity in Q2, with domestic demand contributing to the bulk of the increase. This helped by the easing of virus restrictions since May.

Economic data coming up in the European session

Fri, Jul 30, 2021 4:53 AM

Euro area Q2 GDP and July consumer inflation on the agenda Major currencies are mostly little changed to start the new day as the market stuck with the post-Fed narrative in trading yesterday. With month-end being a factor to consider today, we might not get much poise for market participants to really move the needle.