Financial Markets Daily Report24 August 2023
In yesterday's session, weak PMI data for August, which signalled a slowdown in economic growth across the Atlantic, but most acutely in Europe, caused sovereign bond yields to fall across the board (around 13bps. for the long-term references). In the eurozone, PMI data for the services sector fell below the 50 threshold for the first time in 2023.
- In yesterday's session, weak PMI data for August, which signalled a slowdown in economic growth across the Atlantic, but most acutely in Europe, caused sovereign bond yields to fall across the board (around 13bps. for the long-term references). In the eurozone, PMI data for the services sector fell below the 50 threshold for the first time in 2023.
- In this context, major stock indices in Europe were flat or posted small gains. Elsewhere, stock indices registered larger gains, particularly in the US, where the Nasdaq index advanced 1.6%, boosted by Nvidia's publication of earnings.
- In commodities, European natural gas benchmark TTF fell sharply on news that a potential strike at a large Australian producer could be finally averted. Investors' attention for the rest will be on the Jackson Hole conference starting today, where central bankers could offer some guidance on future interest rates.