Monday, August 2, 2021
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European share looks lower after Chinese data – News

European stocks could fall at the opening on Thursday as a number of data indicate the limits of China’s post-pandemic recovery.

Chinese Economy It increased 7.9% year-on-year between April and June, marking the fifth straight quarter of expansion, but slightly below expectations. GDP prints exceeded expectations on a quarterly basis.

Monthly retail sales, industrial output and fixed investment all showed a slowdown in growth.

Today, the central bank of China has kept the system liquid by sending cash into the financial system through open market operations.

Asian market The dollar was trading mixed while the dollar receded from its recent peak after Federal Reserve Chairman Jerome Powell said the stimulus taper was still far away.

Gold fell, but remained high for nearly four weeks as bond yields fell globally after Powell’s dovish comments.

Oil expanded losses overnight after US gasoline stockpiles expanded unexpectedly last week, and reports suggested that oil producers were approaching an agreement to increase production.

It’s a particularly quiet day on the European economic calendar. Across the Atlantic, trade can be affected by a response to the latest set of economic news, including weekly unemployment claims, reports on local manufacturing activities and industrial production.

Powell will testify in front of the Senate Banking Commission, where he is likely to repeat the prepared remarks.

Powell reiterated that the “substantial further progress” towards the Fed’s maximum employment and price stability goals is “still on the road” and that there is “advance notice” before the Fed makes changes, so the United States. Stocks fluctuated overnight before closing with a slight mix. That asset purchase program.

His comment came as new data showed that prices paid to US producers rose more than expected in June.

European stocks fell sharply on Wednesday as eurozone industrial production data was weak and inflation concerns weighed heavily on the market.

The Pan-European STOXX 600 ended flat with a negative bias. Both the German DAX and the French CAC 40 index fell slightly, while the UK FTSE 100 fell 0.5%.

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