Erik Schafhauser Zürich

Morning Brew Augist 312021

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Risk-.On Rules Despite Disappointing Chinese Growth


Good Morning,

After a bit of a breather yesterday, risk sentiment found a firm grip on the markets again, stocks rise, the USD falls pushing EURUSD, Gold as well as Silver higher.

German Inflation came at the highest level since the reunification and if the EU Inflation today is similarly high, the ECB can expect a firm demand for action from the Bundesbank. Should Inflation become a topic in the upcoming election because the old German fear of devaluation reemerges, none of the candidates seem to be prepared. Scholz maybe the most, but his less then stellar performance in the two largest recent German finance scandals, Wirecard and Cum Ex, don`t let him shine in the best light.

The USD Index is trading at a decent support level here at 92.45 if broken, 92.10 would come into focus, EURUSD broke above the 1.18, Gold 1816 and Silver 24.17, US Stocks (Nasdaq and S&P500) broke to new records again with the S&P 500 .SPX gaining 19 points to 4,528.76 and the Nasdaq 136.22 points, , to 15,265. Dax is on track towards the 16000 again it seems with 75 points to go.

Paypall is apparently considering the development of a stock trading platform.

Chinas PMI fell to 50.1 from 50.4, and the country continues it`s tech-regulation spree, banning minors form spending more than 3 hours a week on online games, gaming shares suffer.

EU Inflation is due at 11:00 CET and expected at 2.7%, US Consumer confidence will be released at 16:00 CET.

Local Start Date

Local Time

Country/Region

Indicator Name

Period

Reuters Poll

31 Aug 2021

08:00

Denmark

GDP QQ Prelim

Q2

31 Aug 2021

08:00

Denmark

GDP YY Prelim

Q2

31 Aug 2021

08:00

Denmark

Unemployment Rate

Jul

31 Aug 2021

08:45

France

GDP QQ Final

Q2

0.9%

31 Aug 2021

08:45

France

CPI (EU Norm) Prelim YY

Aug

2.1%

31 Aug 2021

09:00

Switzerland

Official Reserves Assets CHF

Jul

31 Aug 2021

09:55

Germany

Unemployment Chg SA

Aug

-34k

31 Aug 2021

09:55

Germany

Unemployment Rate SA

Aug

5.6%

31 Aug 2021

10:00

Italy

GDP Final QQ

Q2

2.7%

31 Aug 2021

10:00

Italy

GDP Final YY

Q2

17.3%

31 Aug 2021

11:00

Italy

CPI (EU Norm) Prelim MM

Aug

-0.2%

31 Aug 2021

11:00

Italy

CPI (EU Norm) Prelim YY

Aug

2.0%

31 Aug 2021

11:00

Euro Zone

HICP Flash YY

Aug

2.8%

31 Aug 2021

11:00

Euro Zone

HICP-X F&E Flash YY

Aug

1.4%

31 Aug 2021

14:30

Canada

GDP QQ Annualized

Q2

2.5%

31 Aug 2021

14:30

Canada

GDP MM

Jun

0.7%

31 Aug 2021

16:00

United States

Consumer Confidence

Aug

124.0

1 Sep 2021

02:30

Japan

Jibun Bank Mfg PMI

Aug

1 Sep 2021

02:30

South Korea

IHS Markit Mfg PMI

Aug

1 Sep 2021

03:30

Australia

Real GDP QQ SA

Q2

0.5%

1 Sep 2021

03:30

Australia

Real GDP YY SA

Q2

9.2%

1 Sep 2021

03:45

China (Mainland)

Caixin Mfg PMI Final

Aug

50.2

1 Sep 2021

08:00

United Kingdom

Nationwide house price mm

Aug

0.1%

1 Sep 2021

08:00

United Kingdom

Nationwide house price yy

Aug

8.6%

1 Sep 2021

09:00

Turkey

GDP Quarterly YY

Q2

21.7%

1 Sep 2021

09:00

Turkey

Manufacturing PMI

Aug

1 Sep 2021

09:45

Italy

Markit/IHS Mfg PMI

Aug

60.0

1 Sep 2021

09:50

France

Markit Mfg PMI

Aug

57.3

1 Sep 2021

09:55

Germany

Markit/BME Mfg PMI

Aug

62.7

1 Sep 2021

10:00

Euro Zone

Markit Mfg Final PMI

Aug

61.5

1 Sep 2021

10:30

United Kingdom

Markit/CIPS Mfg PMI Final

Aug

60.1

1 Sep 2021

11:00

Turkey

ITO Istanbul Retail Prices

Aug

1 Sep 2021

11:00

Euro Zone

Unemployment Rate

Jul

7.6%

1 Sep 2021

14:00

Brazil

GDP QQ

Q2

0.2%

1 Sep 2021

14:00

Brazil

GDP YY

Q2

12.8%

1 Sep 2021

15:00

Brazil

Markit Mfg PMI

Aug

1 Sep 2021

15:30

Canada

Markit Mfg PMI SA

Aug

1 Sep 2021

15:45

United States

Markit Mfg PMI Final

Aug

1 Sep 2021

16:00

United States

ISM Manufacturing PMI

Aug

58.5

2 Sep 2021

03:30

Australia

Trade Balance G&S (A$)

Jul

10,200M

2 Sep 2021

09:00

Austria

GDP Growth QQ Final

Q2

2 Sep 2021

14:00

Brazil

Industrial Output MM

Jul

-0.7%

2 Sep 2021

14:00

Brazil

Industrial Output YY

Jul

1.8%

2 Sep 2021

14:30

United States

International Trade $

Jul

-70.9B

2 Sep 2021

14:30

United States

Initial Jobless Clm

28 Aug, w/e

345k

2 Sep 2021

14:30

Canada

Trade Balance C$

Jul

1.70B

2 Sep 2021

16:00

United States

Factory Orders MM

Jul

0.3%

3 Sep 2021

02:30

Japan

Services PMI

Aug

3 Sep 2021

03:45

China (Mainland)

Caixin Services PMI

Aug

3 Sep 2021

09:00

Turkey

CPI MM

Aug

0.60%

3 Sep 2021

09:50

France

Markit Serv PMI

Aug

56.4

3 Sep 2021

09:50

France

Markit Comp PMI

Aug

55.9

3 Sep 2021

09:55

Germany

Markit Services PMI

Aug

61.5

3 Sep 2021

09:55

Germany

Markit Comp Final PMI

Aug

60.6

3 Sep 2021

10:00

Euro Zone

Markit Serv Final PMI

Aug

59.7

3 Sep 2021

10:00

Euro Zone

Markit Comp Final PMI

Aug

59.5

3 Sep 2021

10:30

United Kingdom

Reserve Assets Total

Aug

3 Sep 2021

14:30

United States

Non-Farm Payrolls

Aug

728k

3 Sep 2021

14:30

United States

Unemployment Rate

Aug

5.2%

3 Sep 2021

14:30

United States

Average Earnings YY

Aug

4.0%

3 Sep 2021

15:00

Brazil

Markit Services PMI

Aug

3 Sep 2021

15:00

Brazil

Markit Composite PMI

Aug

3 Sep 2021

15:45

United States

Markit Comp Final PMI

Aug

3 Sep 2021

15:45

United States

Markit Svcs PMI Final

Aug

3 Sep 2021

16:00

United States

ISM N-Mfg PMI

Aug

61.8

6 Sep 2021

08:00

Germany

Industrial Orders MM

Jul

 

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