Time | Country | Event | Period | Previous value | Forecast |
---|---|---|---|---|---|
01:00 | Australia | Consumer Inflation Expectation | September | 3.3% | |
06:45 | France | Industrial Production, m/m | July | 12.7% | 5% |
11:45 | Eurozone | ECB Interest Rate Decision | 0% | 0% | |
12:30 | U.S. | Continuing Jobless Claims | August | 13254 | 12925 |
12:30 | U.S. | Initial Jobless Claims | September | 881 | 846 |
12:30 | U.S. | PPI, y/y | August | -0.4% | -0.3% |
12:30 | U.S. | PPI, m/m | August | 0.6% | 0.2% |
12:30 | U.S. | PPI excluding food and energy, Y/Y | August | 0.3% | 0.3% |
12:30 | U.S. | PPI excluding food and energy, m/m | August | 0.5% | 0.2% |
12:30 | Eurozone | ECB Press Conference | |||
14:00 | U.S. | Wholesale Inventories | July | -1.3% | -0.1% |
15:00 | U.S. | Crude Oil Inventories | September | -9.362 | -1.075 |
16:30 | Canada | BOC Gov Tiff Macklem Speaks | |||
17:00 | Eurozone | ECB President Lagarde Speaks | |||
22:30 | New Zealand | Business NZ PMI | August | 58.8 | |
22:45 | New Zealand | Food Prices Index, y/y | August | 4.2% | |
23:50 | Japan | BSI Manufacturing Index | Quarter III | -52.3 |
FXStreet reports that analysts at MUFG Bank note that there are some factors that could see a correction that began in big tech extend to the broader market, providing reason for further USD gains and with it JPY too.
"There is increasing evidence that the gap between the Republicans and the Democrats on agreeing a new stimulus package appears to be widening. A ‘Skinny’ stimulus package was introduced in the Senate by Mitch McConnell yesterday that included unemployment support of $300, a 50% cut. The bill also cuts the provision of $200B of funding to the Fed for its lending program and has no direct payments of cheques to US households. The package in total is worth $500B, way lower than the Democrats original $3trn package. So it’s either no stimulus or a very very modest stimulus boost.”
“The polling for the election in November continues to tighten and this will inevitably lead to fears of a close election result that in turn could lead to a pronounced period of uncertainty immediately after the election with no result for days, possibly weeks. The longer polls show this, the greater the prospect of the markets taking fright.”
“We have news this morning that AstraZeneca has halted its vaccine trial after a recipient of the drug became ill. At the very least this is likely to delay the trial, at worst it could lead to failure. This is the first piece of bad news we can recall for some time on vaccines and hence is a clear downside for risk over the short-term.”
The Job
Openings and Labor Turnover Survey (JOLTS) published by the Labor Department on
Wednesday revealed a 10.3 percent m-o-m climb in the U.S. job openings in July after
a revised 11.7 percent m-o-m surge in June (originally a 9.6 percent m-o-m jump).
According to
the report, employers posted 6.618 million job openings in July compared to the
June figure of 6.001 million (revised from 5.889 million in the original
estimate) and economists’ expectations of 6.000 million. The job openings rate
was 4.5 percent in July, up from an upwardly revised 4.2 percent in the prior
month. The report showed that Job openings rose in a number of industries, with
the largest gains in retail trade (+172,000 jobs), health care and social
assistance (+146,000), and construction (+90,000).
Meanwhile, the
number of hires tumbled by 17.0 percent m-o-m to 5.787 million in July from a
revised 6.970 million in June. The hiring rate decreased to 4.1 percent in July
from a revised 5.1 percent in June. The hires level declined in a number of
industries, with the largest fall in accommodation and food services
(-599,000), followed by other services (-143,000), and health care and social
assistance (-137,000). At the same time, hires increased in federal government
(+33,000), largely because of Census hiring, as well as in real estate and
rental and leasing (+26,000).
The separation
rate in July was 5.007 million or 3.6 percent, compared to 4.899 million or 3.6
percent in June. Within separations, the quits rate was 2.1 percent (+0.2 pp
m-o-m), and the layoffs rate was 1.2 percent (-0.2 pp m-o-m).
The changes in
the labor market reflected an ongoing resumption of economic activity that had
been curtailed due to the coronavirus (COVID-19) pandemic and efforts to
contain it, the report noted.
The Bank of
Canada (BoC) maintained its benchmark interest rates unchanged at 0.25 percent
on Wednesday, as widely expected. It also left its quantitative easing (QE)
program at $5 billion per week.
In its policy
statement, the Canadian central bank noted:
The Canada
Mortgage and Housing Corp. (CMHC) reported on Wednesday the seasonally adjusted
annual rate of housing starts was at 262,396 units in August, up 6.9 percent
from a downwardly revised 245,425 units in July (originally 245,604 units). This
was the highest reading since September 2007.
Economists had
forecast an annual pace of 220,000 for August.
According to the report, urban starts rose 7.1 percent
m-o-m last month to 248,154 units, as multiple urban starts jumped by 9.1
percent m-o-m to 201,214 units, while single-detached urban starts dropped by 1.0
percent m-o-m 46,940 units. At the same time, rural starts were estimated at a
seasonally adjusted annual rate of 14,242 units.
U.S. stock-index futures surged on Wednesday, as investors bought up technology stocks that were battered in the previous three sessions.
Global Stocks:
Index/commodity | Last | Today's Change, points | Today's Change, % |
Nikkei | 23,032.54 | -241.59 | -1.04% |
Hang Seng | 24,468.93 | -155.41 | -0.63% |
Shanghai | 3,254.63 | -61.79 | -1.86% |
S&P/ASX | 5,878.60 | -129.20 | -2.15% |
FTSE | 5,992.64 | +62.34 | +1.05% |
CAC | 5,016.90 | +43.38 | +0.87% |
DAX | 13,127.78 | +159.45 | +1.23% |
Crude oil | $37.59 | +2.26% | |
Gold | $1,941.60 | -0.08% |
(company / ticker / price / change ($/%) / volume)
3M Co | MMM | 165 | 1.83(1.12%) | 1060 |
ALCOA INC. | AA | 14.38 | 0.15(1.05%) | 4128 |
ALTRIA GROUP INC. | MO | 43.25 | 0.18(0.42%) | 22702 |
Amazon.com Inc., NASDAQ | AMZN | 3,189.99 | 40.15(1.27%) | 76956 |
American Express Co | AXP | 104.3 | 0.63(0.61%) | 3915 |
AMERICAN INTERNATIONAL GROUP | AIG | 29.06 | 0.17(0.59%) | 753 |
Apple Inc. | AAPL | 116.1 | 3.28(2.91%) | 3386203 |
AT&T Inc | T | 29.61 | 0.10(0.34%) | 54151 |
Boeing Co | BA | 162.15 | 1.07(0.66%) | 204978 |
Caterpillar Inc | CAT | 149.8 | 1.28(0.86%) | 3876 |
Chevron Corp | CVX | 79.45 | 0.48(0.61%) | 9933 |
Cisco Systems Inc | CSCO | 39.9 | -0.10(-0.25%) | 106288 |
Citigroup Inc., NYSE | C | 51.41 | 0.37(0.72%) | 543034 |
E. I. du Pont de Nemours and Co | DD | 56.79 | -0.03(-0.05%) | 421 |
Exxon Mobil Corp | XOM | 38.41 | 0.23(0.60%) | 100262 |
Facebook, Inc. | FB | 274.46 | 3.30(1.22%) | 130209 |
FedEx Corporation, NYSE | FDX | 225.47 | 4.42(2.00%) | 11422 |
Ford Motor Co. | F | 7.08 | 0.05(0.71%) | 119288 |
Freeport-McMoRan Copper & Gold Inc., NYSE | FCX | 15.83 | 0.11(0.70%) | 31391 |
General Electric Co | GE | 6.21 | 0.07(1.14%) | 566700 |
General Motors Company, NYSE | GM | 32.5 | 0.12(0.37%) | 163252 |
Goldman Sachs | GS | 203.71 | 1.23(0.61%) | 6414 |
Google Inc. | GOOG | 1,556.00 | 23.61(1.54%) | 10308 |
Hewlett-Packard Co. | HPQ | 19.54 | 0.09(0.46%) | 2735 |
Home Depot Inc | HD | 271.7 | 2.44(0.91%) | 33424 |
HONEYWELL INTERNATIONAL INC. | HON | 164.85 | 0.58(0.35%) | 1541 |
Intel Corp | INTC | 49.35 | 0.44(0.90%) | 174912 |
International Business Machines Co... | IBM | 122.2 | 0.99(0.82%) | 4326 |
International Paper Company | IP | 37.5 | 0.19(0.51%) | 941 |
Johnson & Johnson | JNJ | 148.21 | 0.95(0.65%) | 24624 |
JPMorgan Chase and Co | JPM | 100.78 | 0.86(0.86%) | 216941 |
McDonald's Corp | MCD | 215.59 | 2.01(0.94%) | 2028 |
Merck & Co Inc | MRK | 83.81 | 0.48(0.58%) | 13156 |
Microsoft Corp | MSFT | 206.22 | 3.56(1.76%) | 455821 |
Nike | NKE | 113.14 | 0.42(0.37%) | 9110 |
Pfizer Inc | PFE | 36.48 | 0.55(1.53%) | 836630 |
Procter & Gamble Co | PG | 136.5 | 0.56(0.41%) | 1419 |
Starbucks Corporation, NASDAQ | SBUX | 85.98 | 0.57(0.67%) | 15989 |
Tesla Motors, Inc., NASDAQ | TSLA | 351.36 | 21.15(6.41%) | 3177265 |
The Coca-Cola Co | KO | 49.93 | 0.12(0.24%) | 17875 |
Travelers Companies Inc | TRV | 113.42 | 0.53(0.47%) | 566 |
Twitter, Inc., NYSE | TWTR | 38.75 | 0.56(1.47%) | 45826 |
UnitedHealth Group Inc | UNH | 309.5 | 2.25(0.73%) | 2279 |
Verizon Communications Inc | VZ | 60.2 | 0.24(0.40%) | 12379 |
Visa | V | 202.55 | 2.43(1.21%) | 152748 |
Wal-Mart Stores Inc | WMT | 139.7 | 1.25(0.90%) | 36925 |
Walt Disney Co | DIS | 133.46 | -0.74(-0.55%) | 23532 |
Yandex N.V., NASDAQ | YNDX | 62.02 | 0.89(1.46%) | 94233 |
General Motors (GM) target raised to $37 from $35 at JP Morgan
FXStreet notes that the S&P 500 has gapped lower, reinforcing its rejection from the upper end of its “typical” extreme and the Credit Suisse analyst team continue to look for a deeper corrective setback to test support at 3280/60.
“Whilst 3378/80 caps the immediate risk is seen lower with support below 3326 seen at 3307/03 ahead of our ‘ideal’ objective of what we continue to look to be better support at 3280/59 where we will look for a floor – the 38.2% retracement of the rally from mid-May, 23.6% retracement of the entire rally from March, July high and 63-day average. Failure to hold 3260/59 can expose the 200-day average at 3094.”
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. rose 2.9 percent in the week ended September 4, following a 2.0
percent decrease in the previous week. That was the first weekly increase since
the week ended August 7.
According to
the report, refinance applications jumped 3.0 percent, while applications to
purchase a home grew 2.6 percent.
Meanwhile, the
average fixed 30-year mortgage rate edged down to 3.07 percent from 3.08
percent.
“There
continues to be resiliency in the purchase market,” noted Joel Kan, an MBA
economist. “The average loan size continued to increase, hitting a survey high
at $368,600. Highlighting the strong overall demand for buying a home,
conventional, VA and FHA purchase applications all increased last week.”
Time | Country | Event | Period | Previous value | Forecast | Actual |
---|---|---|---|---|---|---|
05:45 | Switzerland | Unemployment Rate (non s.a.) | August | 3.2% | 3.3% | 3.3% |
06:00 | Japan | Prelim Machine Tool Orders, y/y | August | -31.1% | -23.3% |
GBP continued to depreciate against its major counterparts in the European session on Wednesday, as investors were awaiting the introduction of the internal market bill by the UK government later today. It is expected that the new legislation, which sets out trading arrangements across the UK after the Brexit transition period, which ends on December 31, 2020, might derail the country’s trade talks with the European Union (EU) as it is feared that it will override key parts of the Brexit Withdrawal Agreement, particularly the Northern Ireland protocol.
Reports about the introduction of the new bill caused friction between the UK and the EU. The EU warned of a no-trade deal if the UK tried to alter the Brexit deal. Meanwhile, the UK’s Northern Ireland minister Brandon Lewis said yesterday that the new bill would “break international law in a very specific and limited way”. Germany’s economy minister Altmaier stressed today that the Brexit agreement can be reached mostly on the goodwill of both sides. He also added that Brexit negotiations should not be burdened by the agreements being unilaterally changed by the UK’s government.
In addition, investors had to contend with the reports that AstraZeneca/Oxford COVID-19 vaccine candidate trial had been put on, following a suspected serious adverse reaction in a trial participant in the UK.
FXStreet notes that Brent Crude Oil below $41.38/32 has completed a bear “wedge”. Strategists at Credit Suisse expect the black gold to suffer further falls with a critical area identified at the recent May/June gap of $37.18/35.37.
“Brent Crude has failed to break through its 200-day average at $45.10 and has now confirmed a bear ‘wedge’ pattern as it dropped below $41.38/32, hence turning the risks significantly lower on a 1-3 month investment horizon. Next key supports can be identified at $37.18/35.37, the recent May/June gap, before the 38.2% retracement of the whole April/September upmove at $34.87/33.54.”
FXStreet notes that GBP/USD has seen an aggressive fall after confirming a top as expected below 1.3054 to mark a more important turn lower. Analysts at Credit Suisse see support initially at the 55-day average at 1.2912/02, then the potential uptrend from March at 1.2857.
“GBP/USD has extended its rejection from just ahead of the key high of 2019 at 1.3514 for a break as suspected below key price and “neckline” support at 1.3078/54 and this sees a top confirmed to mark a more important turn lower, reinforced by the completion of an RSI momentum top also and DeMark exhaustion signals.”
“We see support next at the 55-day average 1.2912/02, which we would look to hold at first for a rebound. We look for this to be followed by a break in due course though with support then seen next at the potential uptrend from March at 1.2857, then the June high at 1.2813.”
“Bigger picture, we see scope for a test of a cluster of supports in the 1.2740/1.2691 zone, which includes the 200 - day average and 38.2% retracement of the entire March/September rally. We note though the ‘measured top objective’ is seen set lower at 1.2655.”
Reuters reports that French junior trade minister Franck Riester said on Wednesday French companies needed to prepare for the risks of a 'no-deal' Brexit.
"We need to be prepared," Riester told BFM Business radio.
"We need to make sure that our British partners respect their commitments," he added.
Britain will set out new details of its blueprint for life outside the European Union on Wednesday, publishing legislation a government minister acknowledged would break international law in a "limited way" and which could sour trade talks.
FXStreet reports that strategists at Credit Suisse see the yellow metal consolidating above the $18877/37 level neighborhood where there is a cluster of supports.
“Gold continues its expected consolidation following the move to our base case objective of $2075/80. Whilst we continue to see the long-term trend higher, reinforced by falling US Real Yields and a falling USD, our immediate bias remains for further consolidation above a cluster of supports at $1887/37, which includes the 23.6% retracement of the rally from the 2018 low. Should weakness extend, we would see scope for a deeper setback to $1765, potentially $1726.”
“We look for an eventual move above $2075 with resistance seen next at $2175, then $2300. Whilst we would look for a fresh consolidation at this latter level, a direct break can see potential trend resistance at $2417, with scope seen for $2700/20 over the longer-term.”
Reuters reports that Ireland’s deputy prime minister Leo Varadkar said that a “kamikaze” threat by a British minister to break international law in the implementation of its EU divorce treaty has backfired, but a trade deal is still possible.
The British government’s Northern Ireland minister Brandon Lewis on Tuesday said Britain could break international law - in a “limited way” in legislation related to the implementation of its Withdrawal Agreement divorce treaty signed with the EU in January.
“These were really extraordinary comments, and certainly set off alarm bells in Dublin. I think they have backfired,” Varadkar told RTE radio.
“Certainly, the strategy and behaviour of the British government was one of brinkmanship, was one of threatening to crash out, you know, if you don’t, if we don’t get to an agreement we might go kamikaze on you, that sort of thing,” Varadkar said.
“The most benign assessment I can give you is that this is brinkmanship that this is sabre rattling,” he said.
Varadkar said there could not be a free trade agreement with the EU in “circumstances where the UK government is not honouring the withdrawal agreement”, but said he thought Britain ultimately wanted a compromise.
FXStreet reports that immediate economic recovery in the US is stronger than Europe but from 2021, Europe should begin to catch up on fiscal aid and trade. The euro should rise over the period as a result with EUR/USD set to reach the 1.21 by year-end, per Westpac.
“The revisions to our growth forecasts for the US and Euro Area this month highlight that momentum has accelerated more quickly in the US. A month ago we forecast 2020 year-average growth of -6.8% for the US. Now that forecast sits at -4.7%. Our comparable forecast for the Euro Area has been revised more modestly, from -8.5% to -7.6%.”
“The foundation for sustained fiscal stimulus in the Euro Area is stronger than the US, and the incidence of COVID-19 still materially lower in Europe. Further, the Euro Area has to be expected to benefit more from a global recovery in investment and consumption given the strength and breadth of their export sector. For these reasons, 2021 growth for the Euro Area has been revised up more meaningfully than in the US, to 5.4% and 3.4% respectively.”
“We have to expect that the euro will not only take back ground lost recently, but also extend these gains as the global recovery builds. Our central expectation is that EUR/USD will rise from 1.18 currently to 1.21 at the end of 2020 and then to 1.25 in late-2021, a level that should prove sustainable in 2022.”
Reuters reports that U.S. companies in China are increasingly fretful that trade tensions between the world's two biggest economies will drag out over years and nearly a third said their ability to retain staff had been affected, a survey showed.
Half of the firms said they believe soured ties will last at least three years, up sharply from 30% in 2019, according to an annual business sentiment survey conducted by the American Chamber Commerce in Shanghai and consultancy PwC China.
Of those, 27% said they believe tensions will last indefinitely, compared with just 13% last year.
"U.S.-China tension is the top concern for the American business community here," Ker Gibbs, president of the business chamber, said at an event to mark the release of the report.
"This Beijing, Washington dialogue, they need to work this out, because it's having an impact on business performance here."
Bloomberg reports that it’s possible the winner of the U.S. presidential vote won’t be known for some time after election day, which means investors should plan for potential uncertainty, according to Morgan Stanley.
Voting-by-mail will probably turn what’s usually an “election night” into at least an “election week,” if not a month or longer, strategists led by Michael Zezas and Ariana Salvatore wrote in a note. That lack of clarity on Nov. 3 gives investors an opportunity to hedge, with potential flights to quality in focus, they said.
“Before election results appear with certainty, we expect risk appetite to be low among investors, which will likely keep a bid for U.S. Treasuries,” Zezas and Salvatore said.
“The more time it takes to get a result with certainty, the flight-to-quality bid could increase,” they added, as the “longer it takes to get the result, it increases the probability that the results are close, which could then signal that we’re headed toward a divided government outcome,” with the potential for tighter fiscal policy.
FXStreet reports that the Renminbi has performed strongly over the past month. Renminbi's gains highlight the regions' promise, with USD/CNY forecast at 6.50 by end-2021, per Westpac.
“We now expect China's economy to grow by 2.5% in 2020 in year-average terms, and for this gain to be followed by a 10.5% rise in 2021. To this view for growth, there are downside risks related to US/China trade tensions. But equally there are upside risks associated with export opportunities in the Asian region and, for as long as COVID-19 persists globally, an internalisation of services demand within China's borders.”
“The risks around our USD/CNY 6.85 end-2020, 6.50 end-2021 and 6.40 mid-2022 forecasts are broadly balanced, albeit with a higher likelihood of volatility near-term.”
Reuters reports that british firms hired temporary staff in August at the fastest pace since the end of 2018 as they tried to recover from the COVID-19 lockdown but remained wary of the pandemic and the Brexit impasse, a recruiters industry group said.
There was also a jump in the availability of candidates which rose at the second-steepest rate in over 20 years, reflecting redundancies announced by many companies in Britain.
Billings from temporary hirings rose for the first time in seven months, the Recruitment & Employment Confederation and accountants KPMG said on Wednesday.
Employers typically rely on temporary workers at times of economic uncertainty.
There was also a rise in billings from companies hiring permanent workers in August but the increase was worryingly small, the REC said.
"It reflects the uncertainty businesses face about what will happen over coming months with the pandemic and Brexit," Neil Carberry, the chief executive of the REC, said.
FXStreet reports that analysts at Credit Suisse expect a AUD/NZD move back to the 1.1044 recent high before testing the 1.1121 resistance where AUD/NZD may take a breather.
“AUD/NZD is moving higher after essentially holding above the ‘neckline’ to the recently completed in-range base above 1.0866/81. We look for a fresh move higher from here, with the recent high seen at 1.1044, just shy of trend resistance and downtrend from 2015 at 1.1121. We expect this to be a tougher barrier to break, however a move beyond here would see a fresh test of the 2018 high at 1.1175.”
“Only above the 1.1291 and 1.1430 highs would set a longer term base to suggest a more meaningful turn higher, which is some way off for now.”
Time | Country | Event | Period | Previous value | Forecast | Actual |
---|---|---|---|---|---|---|
01:30 | China | PPI y/y | August | -2.4% | -2% | -2% |
01:30 | China | CPI y/y | August | 2.7% | 2.4% | 2.4% |
05:45 | Switzerland | Unemployment Rate (non s.a.) | August | 3.2% | 3.3% | 3.3% |
06:00 | Japan | Prelim Machine Tool Orders, y/y | August | -31.1% | -23.3% |
The ICE index, which tracks the dynamics of the US dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose by 0.14%.In today's Asian trading, the US dollar rose against the euro and the pound, but declined against the yen.
Traders ' attention is focused on the upcoming ECB meeting, as its results may seriously affect the dynamics of the euro. Statements by the ECB's chief economist, Philip Lane, last week triggered a fall in the euro from the highest level in more than two years at $1.2, and experts will closely monitor the Central Bank's rhetoric for its concern about the recent strengthening of the Euro.
Meanwhile, the yen is strengthening against the world's major currencies amid rising tensions between Beijing and Washington. According to media reports, the US authorities are preparing to impose restrictions on imports of a number of goods from the Xinjiang Uygur Autonomous region of China, while Beijing may impose sanctions against us officials visiting Taiwan.
Earlier this week, US President Donald Trump said that he intends to sever ties between the US economy and China if he is re-elected as President.
Meanwhile, data showed that China's inflation slowed to its lowest level since May in August, as food prices declined. Consumer prices increased 2.4% year-on-year last month after rising 2.7% in July, according to data from the state statistical office of China.
eFXdata reports that Credit Agricole CIB Research discusses its expectations for BoC policy meeting.
"The BoC meeting could prove less eventful in comparison to the ECB as we expect the bank to leave its policy parameters unchanged and to make few adjustments to its policy outlook given that the Canadian economy has evolved largely as expected. Where there is potential for CAD volatility around the BoC meeting is if the central bank hints at any changes to its policy making structures following the Fed’s move to AIT," CACIB notes.
"Risk sentiment is also a strong driver of USD/CAD at the moment and the ongoing weakness in technology stocks risks generating a broader reduction in risk, which would be positive for the trade," CACIB adds.
EUR/USD
Resistance levels (open interest**, contracts)
$1.1936 (2428)
$1.1909 (649)
$1.1886 (151)
Price at time of writing this review: $1.1771
Support levels (open interest**, contracts):
$1.1720 (428)
$1.1697 (2856)
$1.1671 (2138)
Comments:
- Overall open interest on the CALL options and PUT options with the expiration date September, 4 is 57585 contracts (according to data from September, 8) with the maximum number of contracts with strike price $1,1700 (4427);
GBP/USD
Resistance levels (open interest**, contracts)
$1.3241 (510)
$1.3182 (235)
$1.3135 (640)
Price at time of writing this review: $1.2937
Support levels (open interest**, contracts):
$1.2864 (623)
$1.2839 (707)
$1.2811 (832)
Comments:
- Overall open interest on the CALL options with the expiration date September, 4 is 11542 contracts, with the maximum number of contracts with strike price $1,3500 (1155);
- Overall open interest on the PUT options with the expiration date September, 4 is 12398 contracts, with the maximum number of contracts with strike price $1,3000 (2621);
- The ratio of PUT/CALL was 1.07 versus 1.15 from the previous trading day according to data from September, 8
* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.
** - Open interest takes into account the total number of option contracts that are open at the moment.
According to the report from State Secretariat for Economic Affairs (SECO), at the end of August 2020, 151 111 unemployed persons were registered with the Regional Employment Service Centres, 2 241 more than in the previous month. The unemployment rate thus rose from 3.2% in July 2020 to 3.3% in the reference month. Compared with the same month of the previous year, unemployment rose by 51,559 people (+51.8%).
Youth unemployment (15 - to 24-year-olds) rose by 2,446 people (+13.7%) to 20,341. Compared with the same month of the previous year, this corresponds to an increase of 7,199 people (+54.8%).
A total of 237 215 job seekers were registered, 1 453 more than in the previous month. Compared to the same period of the previous year, this number increased by 67,366 persons (+39.7%).
In June 2020 488 312 people were affected by short-time work, 402 578 fewer people (-45,2%) than in the previous month. The number of affected farms decreased by 57 583 units (-52,4%) to 52 405. The unusual work hours declined by 29 558 322 (-51,0%) on 28 374 970 hours. In the corresponding period of the previous year (June 2019), 59 550 hours of downtime had been registered, which had been spread over 1 507 persons in 84 establishments.
RTTNews reports that China's inflation eased in August on slowing pork price growth and factory gate prices continued to decline, but the pace of drop slowed from the last year.
Consumer price inflation slowed to 2.4 percent in August from 2.7 percent in July, the National Bureau of Statistics revealed Wednesday. The rate came in line with expectations. On a monthly basis, consumer prices gained 0.4 percent.
Driven by slower growth in pork prices, food price inflation eased to 11.2 percent annually. Pork prices advanced 52.6 percent from last year, following an 85.7 percent rise in July.
Core inflation, which excludes food and energy prices, held steady at 0.5 percent in August.
Producer prices decreased at a pace of 2 percent on a yearly basis in August, as expected, following a 2.4 percent drop in the previous month, another report from the NBS revealed.
Raw materials | Closed | Change, % |
---|---|---|
Brent | 39.48 | -5.46 |
Silver | 26.65 | -0.63 |
Gold | 1931.522 | 0.16 |
Palladium | 2290.16 | -0.15 |
Index | Change, points | Closed | Change, % |
---|---|---|---|
NIKKEI 225 | 184.18 | 23274.13 | 0.8 |
Hang Seng | 34.69 | 24624.34 | 0.14 |
KOSPI | 17.69 | 2401.91 | 0.74 |
ASX 200 | 63 | 6007.8 | 1.06 |
FTSE 100 | -7.1 | 5930.3 | -0.12 |
DAX | -131.95 | 12968.33 | -1.01 |
CAC 40 | -80.2 | 4973.52 | -1.59 |
Dow Jones | -632.42 | 27500.89 | -2.25 |
S&P 500 | -95.12 | 3331.84 | -2.78 |
NASDAQ Composite | -465.44 | 10847.69 | -4.11 |
Time | Country | Event | Period | Previous value | Forecast |
---|---|---|---|---|---|
01:30 | China | PPI y/y | August | -2.4% | -2% |
01:30 | China | CPI y/y | August | 2.7% | 2.4% |
05:45 | Switzerland | Unemployment Rate (non s.a.) | August | 3.2% | 3.3% |
06:00 | Japan | Prelim Machine Tool Orders, y/y | August | -31.1% | |
12:15 | Canada | Housing Starts | August | 245.6 | 220 |
14:00 | U.S. | JOLTs Job Openings | July | 5.889 | 6 |
14:00 | Canada | Bank of Canada Rate | 0.25% | 0.25% | |
23:50 | Japan | Core Machinery Orders, y/y | July | -22.5% | -18.3% |
23:50 | Japan | Core Machinery Orders | July | -7.6% | 1.9% |
Pare | Closed | Change, % |
---|---|---|
AUDUSD | 0.72002 | -1.02 |
EURJPY | 124.727 | -0.65 |
EURUSD | 1.17715 | -0.35 |
GBPJPY | 137.455 | -1.7 |
GBPUSD | 1.29753 | -1.4 |
NZDUSD | 0.66096 | -1.2 |
USDCAD | 1.32392 | 1.1 |
USDCHF | 0.91778 | 0.21 |
USDJPY | 105.936 | -0.3 |
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