FRANCE DATA: France Final GDP Revised Down A Tenth From Flash
Aug-30 08:05
France Q2 Final GDP came in a touch softer than expected on both a quarterly and yearly basis at 0.2% Q/Q (vs 0.3% flash, 0.3% prior), and 1.0% Y/Y (vs 1.1% flash, 1.5% prior revised from 1.3%).
- Foreign trade growth is estimated to have contributed 0.1% (vs 0.2% flash estimate, 0.3% in Q1) to Q2 quarterly GDP with imports one tenth higher than previously estimated at 0.1% Q/Q (vs -0.4% prior), and exports growing less than the flash estimate at 0.4% Q/Q (vs 0.6% flash estimate, 0.7% in Q1), whilst final domestic demand (excluding stocks) contributed 0.0% to Q2 GDP.
- Imports were supported by imports of energy, water, waste and agri-food products in particular.
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MNI: GERMANY JUL UE RATE (SA) 6.0% (FCST 5.9%); JUN 6.0%
Jul-31 07:55
- MNI: GERMANY JUL UE RATE (SA) 6.0% (FCST 5.9%); JUN 6.0%
- GERMANY JUL UE NET CHANGE (SA) +18K; JUN +20K
- GERMANY JUL UE TOTAL (SA) 2.802 MN; JUN 2.784 MN
JPY: USD/JPY Cracks Key Multiyear Pivot, Triggering Further Weakness
Jul-31 07:53
- Latest pull lower in USD/JPY puts the pair at new pullback lows and - importantly - through 151.94, the low from last week and key pivot level on several occasions since 2022. JPY strength accelerating through the European crossover as Ueda's post decision press conference seems to show little internal resistance to rates being raised beyond 0.5%, leaving markets at the beginning of potential tightening cycle and working against any one-and-done theory from the BoJ.
- 151.10 marks the next level worth watching now the 200-dma has also given way (151.61) - the 50% retracement for the Dec - Jul upleg. AUD/JPY through 97.78 will entirely reverse the rally off the late April low.
EQUITIES: US Earnings, Meta at the forefront
Jul-31 07:40
It's another busy day for US Earnings, Meta will be taking centre stage after market. Other report includes:
- Pre Market: Automatic data processing, Boeing, Mastercard, Kraft Heinz.
- Post Market: ARM Holdings, Qualcomm.
