EU FINANCIALS: Generali (ASSGEN) €500m WNG PerpNC6 RT1 - Books

The medium-term trend condition in Gold remains bullish - moving average studies remain in a bull-mode position highlighting a dominant uptrend. The sideways direction that has been in place since the Apr peak appears to be a pause in the uptrend. A bear cycle in WTI futures remains intact and the latest round of short-term gains appear corrective - for now. A key support at $61.99, the Jun 30 low, has recently been breached, strengthening a bearish theme.

• WTI Crude down $0.74 or -1.14% at $64.06
• Natural Gas down $0.02 or -0.82% at $2.674
• Gold spot up $9.76 or +0.29% at $3375.59
• Copper down $3.35 or -0.74% at $451.5
• Silver up $0.04 or +0.09% at $38.6058
• Platinum down $13.99 or -1.04% at $1332.14

German IFO export expectations deteriorated in August, falling to -3.6 points from -0.3 points in July. “Disillusionment is spreading in export business [...] Although a tariff rate of 15 percent from the US is less than feared, it will nevertheless weaken export momentum”, IFO adds.

• August's drop following that US-EU trade deal was a little less than half the size of that following the initial April 2 US tariff announcements.
• "Food and beverage manufacturers took a major hit, with the export outlook becoming noticeably gloomier. Companies in metal production and processing also expect a decline in international sales. There is little movement in mechanical engineering. The same applies to data processing equipment manufacturers."
• "In the chemical industry, there is cautious optimism, with companies expecting exports to increase. That also applies to the furniture industry and manufacturers of electrical equipment."
• Recall that in Q2 GDP data, German exports held up reasonably well at -0.1% Q/Q following the strong +2.5% Q1 which was underpinned by US tariff front-running. Net exports fared less favourably last quarter, however.