Market updates on August 23
Will the Fed Chair changes his views during the speech today?
Euro zone business surge steps down in February, although it’s still firm
In February, euro zone business surge was still firm, with companies demonstrating the highest level of optimism for 5-1/2 years in a purchasing managers' poll notwithstanding signs that higher prices as well as a firmer currency were putting pressure.
The euro zone turned to be one of the top notch economies in terms of performance in 2017, and its businesses burst out this year by spurring activity at the fastest tempo for more than a decade.
However, February's preliminary Purchasing Managers' Index showed that the blistering surge tempo demonstrated in January and which is the fastest for a decade, has definitely stepped down.
Additionally, IHS Markit's composite flash PMI for the region, considered to be a gauge of economic health, went down to 57.5 in February, which is below all estimates in a Reuters survey that had foreseen a more moderate dive to 58.5 from the previous month’s final outcome of 58.8.
Nevertheless, February’s result appeared to be one of the farthest or most expansionary, overleaping 50 for more than 11 years.
Market experts surveyed by Reuters hope the European Central Bank would complete its asset purchase program by the end of this year.
As IHS Markit informed, the European Union was demonstrating its best quarterly surge since the second quarter of 2016. Additionally, the PMI pointed to first quarter surge of 0.9%, which is must faster than the 0.6% foreseen in a Reuters survey.
Companies shared that upbeat mood, as an index gauging expected output in a year's time tacked on from 68.0 to 68.3, which is its highest value since IHS Markit got down to collecting the data in 2012.
As for consumer confidence in the European Union, it went down more than anticipated in February.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.
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