Financial Markets Daily Report08 September 2023
Yesterday’s session saw subdued trading volumes and a risk-off sentiment. In the Eurozone, the downward revision of Q2 GDP growth figures prompted sovereign bond yields to fall. Renewed signs of industrial weakness in Germany stoked concerns of economic malaise and pushed down stocks as well.
- Yesterday’s session saw subdued trading volumes and a risk-off sentiment. In the Eurozone, the downward revision of Q2 GDP growth figures prompted sovereign bond yields to fall. Renewed signs of industrial weakness in Germany stoked concerns of economic malaise and pushed down stocks as well.
- On the other hand, in the US, while labour market data showed a decline in layoffs and higher productivity growth, sovereign bond yields fell as well, as some Fed officials speaking during the day expressed a dovish bias for the next meeting. Major stock indices fell led by tech companies on concerns that China may ban iPhones for some officials.
- In currency markets, the US dollar continued to appreciate against its major peers, extending its rally. In the commodities markets, natural gas prices rose as workers at a large Australian LNG producer went on strike after negotiations failed. Oil, for its part, pared its recent gains and the Brent benchmark fell slightly from its recent highs.