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Message: [QUOTE="HFM, post: 224095, member: 32345"] [b]Date: 7th September 2023. Market Update – September 7 – Futures negative on Oil, rates rise, weak data; EU GDP ahead.[/b] [URL='https://analysis.hfm.com/wp-content/uploads/2023/02/daily-market-update.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/02/daily-market-update-696x364.png[/IMG][/URL] European markets are heading for a lower open today (Thursday) with investors looking ahead to the Q2 GDP and employment change over the same period. [B]Data continues to come in very weak from Germany[/B] where Industrial Production just showed a further decline after [B]Factory Orders plummeted again[/B] yesterday ([B]-11.7% m/m)[/B]. This also plays a role in last night’s weak [B]Chinese imports data[/B], which declined again -7.3% y/y, although this was less than expected. [B]Exports[/B] also contracted and to stay within the same region, the [B]Australian Trade Balance deteriorated[/B] by about 2 billion in July. Yesterday the [B]BOC left rates unchanged at 5%[/B] while the [B]FED’s Beige Book[/B] saw an unusual abuse of the word ”recession” (used 15 times), despite it having clearly disappeared from the last corporate earnings reports. Equity markets are weak while [B]Rates and USD keep going higher[/B]. The Chinese have given up defending their onshore FX exchange rate (CNY) and it has broken above recent highs. [B]Oil is unstoppable[/B] on the back of recent news and apparent supply shortage. [B]EU GDP is expected to have been positive in Q2[/B] (+0.3%) and also on a yearly basis (+0.6%). US Jobless claims will give us new insight into the labour market which seems to have slowed down as per last week’s data. [URL='https://analysis.hfm.com/wp-content/uploads/2023/09/fds.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/09/fds.jpg[/IMG][/URL] [LIST] [*][B]FX – USDIndex[/B] +0.05% at 104.87, [B]USDJPY[/B] touched [B]147.87[/B], now -0.14% at 147.47, [B]USDCNH[/B] 7.329, [B]Cable[/B] – 0.07% and < [B]1.25[/B], [B]AUDUSD[/B] +0.11% @ 0.6387. [*][B]Stocks[/B] – [B]EU Futures[/B] -0.3% (both GER40 and FRA40), [B]US30[/B] -0.20%, [B]US100[/B] -0.34%, [B]AAPL, NVDA >-3%[/B] yesterday. [*][B]Commodities – USOil[/B] giving up some of the recent gains but still close to recent highs, -0.43% @ $87.18, [B]UKOil[/B] trades @ $90.26. [*][B]Gold[/B] – $1917,83, mainly flat. [B]XAG[/B] leads the way, -0.47% at $23.06. [/LIST] [B]LATER TODAY:[/B] EU Q2 employment change, EU Q2 GDP, US Jobless claims, FED’s Williams, Bostic, Bowman, BOC’s Governor speech. [URL='https://analysis.hfm.com/wp-content/uploads/2023/09/cable.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/09/cable.jpg[/IMG][/URL] [B]INTERESTING MOVER: GBPUSD (-0.26% this morning @ 1.2475)[/B] remains heavier than other peers, has broken recent lows and is heading toward 1.2440 support, [B]200MA[/B] at 1.2430, weak RSI, Negative MACD. [b]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/b] Click [url=https://www.hfm.com/hf/en/trading-tools/economic-calendar.html][b]HERE[/b][/url] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [url=https://www.hfm.com/en/trading-tools/trading-webinars.html][b]HERE[/b][/url] to register for FREE! [url=https://analysis.hfm.com/][b]Click HERE to READ more Market news.[/b][/url] [b] Marco Turatti Market Analyst HFMarkets Disclaimer:[/b] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]

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