Ger30, UK100 and SP500 are CFD’s, written over the Dax30, Footsie100 and S&P500 Index futures:
European indices did not mark today a definite trend. The session was relatively quiet, with no big news, with investors taking advantage of the latest events (last week’s intervention by the President of the Fed and the recent agreement reached between the US and Mexico). Thus, the session was under low volatility and volume below the average observed in August. Perhaps the only note of note was news reported by the Italian newspaper La Stampa. This newspaper reported that the Italian Government would be promoting contacts with the ECB, so that this institution could set up an Italian debt purchase plan if Italian yields started to rise sharply. Italian stocks managed to recover slightly and in the bond market, transalpine yields retreated slightly. In the debt market there has been growing nervousness over the elaboration of the State Budget, which is feared to be in conflict with European rules.
The US market traded on contained gains. The economic data that were published were relevant but failed to spur a consistent rise in the US market. The Commerce Department revealed in its second estimate that GDP in the second quarter grew 4.20%, more than the 4.10% initially estimated, representing the highest quarterly growth since 2014. The slight inflection of private consumption over the previous estimate (3.80% vs. 4%) was more than offset by investment and inventories. GDP-related inflation stood at 3%.