GER30 Down as Producer Inflation Bites
Germany’s Producer Price Index surged to the highest levels ever in August as today’s data showed, following recent elevated Consumer prices, in the aftermath of the ECBs aggressive rate hike
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Germany’s Producer Price Index surged to the highest levels ever in August as today’s data showed, following recent elevated Consumer prices, in the aftermath of the ECBs aggressive rate hike
The CPI surprise yesterday led to a 3.9% decline in the US30. This plunge puts the index back in its bear zone between the lower blue and red bands. Moreover, the daily stochastic is rolling over (green rectangle). If it drops below 20 and holds (red arrow), a strong bearish momentum will be underlying.
NAS100 plunged on Tuesday after the inflation report that bolstered expectations for another jumbo rate hike by the Federal Reserve, but manages to find support today
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The German index covers earlier losses but cannot benefit from better than expected GDP figures from Eurozone, as markets brace for Thursday’s interest rate decision by the European Central Bank
ISM Services came in at its highest level in four months. It printed at 56.9, topping the forecast of 55.4. This beat is a good number, considering the US economy's headwinds - a number over 50 suggests expansion.
Lizz Truss is the 56th British prime minister. She beat rival Rishi Sunak, the former chancellor, pledging to tackle the UK's energy crisis. A £100 billion package is being considered to freeze rising energy bills. She has also pledged to cut taxes.
The current pressure is due to Russia indefinitely cutting off gas supplies via the Nord Stream 1 pipeline. Gazprom has blamed this on a technical issue. However, the primary interpretation sees this as a political statement due to Western counties implementing a price cap on Russian oil - the latest sanction following its invasion of Ukraine.
US30 remains under pressure at the start of the week.
German ifo points to a weak economy as the short-term chart tests resistance.
Current index weakness introduces the possibility of a bear market rally scenario.
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