Financial Markets Daily Report12 September 2023
In yesterday’s session, investors traded cautiously as they awaited key economic data later this week (US CPI inflation) and the ECB monetary policy decision on Thursday. The main economic event yesterday was the downward revision of the European Commission’s summer GDP forecasts.
- In yesterday’s session, investors traded cautiously as they awaited key economic data later this week (US CPI inflation) and the ECB monetary policy decision on Thursday. The main economic event yesterday was the downward revision of the European Commission’s summer GDP forecasts.
- Euro area GDP is now expected to grow by 0.8% and 1.4% in 2023 and 2024, respectively (1.0% and 1.7% previously), with Germany’s contracting by 0.4% this year. The inflation path was also revised downward to 5.6% and 2.9% for 2023 and 2024.
- In this context, stock indices rose modestly across the board and sovereign yields edged higher on both sides of the Atlantic. In FX markets, the US dollar weakened against most advanced and emerging economies’ currencies and the euro fluctuated above $1.07.