📆 Wednesday, August 9
â–º Global stocks stabilized on Wednesday. Market dips from previous financial concerns were bought up on Tuesday. The Euro Stoxx 50 in particular is up by 1.1% with banks rebounding. US futures are little changed in pre market trading but all indices are slightly up at around +0.20%. We expect a rather quiet day, as investors are looking for further guidance and few economic data will be released today.
â–º The recovery of banks, especially in Europe and Italy respectively, was supported by Italy's assurance that the new unexpected loss tax will not exceed 0.1% of a company's assets, which eased investors' concerns.
â–º China's July 2023 data showed a 0.3% year-on-year (y/y) drop in consumer prices, the first decline since February 2021, with core consumer prices rising by 0.8% y/y. On a monthly basis, consumer prices increased by 0.2%, and producer prices declined 4.4% y/y, marking a tenth month of deflation but showing some easing in deflation. Food prices decreased by 1.7% y/y. China's statistics agency expects the drop in CPI to be temporary, influenced by high base effects from the previous year.
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