Financial Markets Daily Report05 September 2022
Investors ended the week with mixed results, with sentiment supported by data showing employment growth in the US slowed down in August, in line with expectations, while the jobless rate rose by 0.2 p. p. to 3.7%. In the eurozone, producer prices (PPI) rose by 37.9% y/y in July, fueling concerns that inflationary pressures are building up.
- Investors ended the week with mixed results, with sentiment supported by data showing employment growth in the US slowed down in August, in line with expectations, while the jobless rate rose by 0.2 p. p. to 3.7%. In the eurozone, producer prices (PPI) rose by 37.9% y/y in July, fueling concerns that inflationary pressures are building up.
- In this context, stocks rose in Europe while sovereign bond yields rose hovered around recent levels. The USD depreciated modestly, trading slightly above parity against the EUR. European natura gas prices remained stable on the last sessions pending on the possible reopening of the Nord Stream 1, that has not happened yet.
- Today, the OPEC+ is holding a meeting while markets are closed in the US because of Labor Day. Later on this week, the focus will be on the ECB policy meeting on Thursday, while, on the data front, the final services PMI will be released on Tuesday (also for the ISM survey in the US).