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The flash PMI numbers for August indicate contraction in the French, German, and Eurozone manufacturing and services sectors, causing a negative impact on the Euro and Pound, as well as a spike in the US Dollar Index and increased investment in sovereign debt.

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Relevant topic timeline:

8/23/2023

There aren't many sources of global growth left. Eyes on US services PMI next

The Eurozone and UK services PMI data led to a drop in the euro and pound, while weakness was observed in Canadian consumers and China, suggesting a darkening global growth picture as interest rates rise, with the US being the main source of growth but showing signs of slowing in mortgage applications and student debt repayments.

8/27/2023

Weekly Market Outlook (28-01 September)

The upcoming events include UK Bank Holiday, Australian Retail Sales, Japan Unemployment Rate, US Consumer Confidence, US Job Openings, Australian CPI, US ADP, Japan Retail Sales, Chinese PMIs, ECB Minutes, Eurozone CPI, Eurozone Unemployment Rate, US Jobless Claims, US Core PCE, Swiss CPI, US NFP, US ISM Manufacturing PMI. The US Consumer Confidence is expected to be lower in August compared to July, while the labor market data is the top priority for the Fed and markets. The Australian CPI is expected to show further disinflation. The Chinese Manufacturing PMI is expected to tick higher, and the Eurozone CPI is expected to move lower. The US Jobless Claims are expected to increase, and the US PCE is expected to be higher. The Switzerland CPI is expected to match the prior reading, and the US NFP report is the main event of the week. The US ISM Manufacturing PMI is expected to tick higher.

9/6/2023

European markets extend losses, evaluating global prospects (EROTF)

The Eurozone construction PMI in August 2023 decreased slightly to 43.4, marking the sixteenth consecutive month of decline, while the pan-European Stoxx 600 index fell by 0.89%, led by losses in the financial services and banking sectors.

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Posted 8/23/2023, 11:32:07 AM