Financial Markets Daily Report 08 September 2020
European stocks rose in yesterday's session while U.S. stock markets were on holiday for Labor Day.
- European stocks rose in yesterday's session while U.S. stock markets were on holiday for Labor Day.
- Eurostoxx50 rose 1.6% as investors remained unperturbed by the tech sell-off in the U.S., the resumption of Brexit negotiations, and worse-than-expected data on industrial production in Germany (1.2% month-on-month versus 4.7% consensus forecast).
- The price of the barrel of Brent continued edging down to $42 as Saudi Arabia cut prices. Meanwhile, the pound continued its fall, depreciating around 0.7% against the euro as prospects for a timely Brexit deal worsened following media reports that the UK government was planning to override parts of the Withdrawal Agreement.
- Today, investors will look forward to Eurostat´s release of its second estimate of euro area GDP growth in Q2 as well as retail sales in Italy.