Financial Markets Daily Report 01 September 2022
During a volatile session, financial markets closed with mixed results, balancing out another upside surprise in HICP inflation data in the eurozone (up by 9.1% y/y in August) with signs that job creation in the US may have moderated in August (according to the ADP survey).
- During a volatile session, financial markets closed with mixed results, balancing out another upside surprise in HICP inflation data in the eurozone (up by 9.1% y/y in August) with signs that job creation in the US may have moderated in August (according to the ADP survey).
- Speaking after the inflation data, Bundesbank president Joachim Nagel called for a “strong rise in interest rates in September” while his Austrian counterpart, Robert Holzmann, said there is “no reason to show any kind of leniency”.
- In this context, stocks ended the day with further declines while sovereign bond yields ticked higher. In commodity markets, oil prices continued to edge lower, after weak sentiment data in China fueled concerns of a global economic slowdown. Gas prices in Europe also fell during the first day of a temporary closure of Nord Stream 1.
- Today, the final manufacturing PMIs for August will be released, including the ISM survey in the US.