📆 Tuesday, September 12
► Europe’s Stoxx 600 index is slightly negative after experiencing a rise in early trading. UK unemployment rates rose to 4.3% between May-July 2023, the highest since Q3 2021, indicating potential cooling in the job market. UK Wage growth, excluding bonuses, experienced its most significant year-on-year increase since 2001 (+7.8%). This increases pressure on the Bank of England for a possible rate adjustment.
â–º ZEW economic expectations for Germany were mixed, but remained very pessimistic. The sentiment index for the Eurozone (September) came in well short of expectations, dropping to -8.9 from -6.2 expected and -5.5 in August. Overall, the data shows little consumer confidence that the economic situation in Germany / the Eurozone will improve soon. European equities will come under additional pressure from the pessimistic data.
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