{"id":65388,"date":"2023-08-31T17:25:39","date_gmt":"2023-08-31T07:25:39","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=65388"},"modified":"2023-08-31T17:25:42","modified_gmt":"2023-08-31T07:25:42","slug":"ic-markets-europe-fundamental-forecast-31-august-2023","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/ic-markets-europe-fundamental-forecast-31-august-2023\/","title":{"rendered":"IC Markets Europe Fundamental Forecast | 31 August 2023"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.74%, Shanghai Composite down 0.55%, Hang Seng down 0.83%, ASX up 0.10%<\/li>\n\n\n\n<li>Commodities : Gold at $1972.80 (-0.03%), Silver at $24.51 (-0.92%), Brent Oil at $85.25 (0.09%), WTI Oil at $81.69 (0.09%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.096, UK 10-year yield at 4.457, Germany 10-year yield at 2.509<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) ADP Non-Farm Employment Change 177K vs 194K expected<\/li>\n\n\n\n<li>(USD) Prelim GDP q\/q 2.1% vs 2.4% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets exhibited a range of performances, influenced by China&#8217;s ongoing contraction in factory activity extending for the fifth consecutive month in August. The official manufacturing purchasing managers index stood at 49.7, showing a milder contraction rate compared to the expected 49.4 by economists. This indicated improvement from July&#8217;s figure of 49.3.<\/p>\n\n\n\n<p>Market movements varied across the region. Hong Kong&#8217;s Hang Seng index initially gained ground but ultimately retreated by 0.83%, erasing earlier advances. On the Chinese mainland, stocks experienced a decline, with the CSI 300 index dropping about 0.6%. In contrast, Japan&#8217;s Nikkei 225 rose by 0.6%, and the Topix increased by 0.68%. Notably, Japan&#8217;s retail sales for July surpassed expectations, recording a year-on-year growth of 6.8%, outperforming the projected 5.4%.<\/p>\n\n\n\n<p>In contrast, South Korea&#8217;s Kospi faced a setback, declining by 0.42% due to a notable 8% year-on-year drop in industrial production for July. This marked the tenth consecutive month of contraction in industrial output. The Kosdaq, however, showed marginal gains. Similarly, the Australian S&amp;P\/ASX 200 index shifted below the neutral line after three consecutive days of gains earlier in the week.<\/p>\n\n\n\n<p>Across the Pacific, in the U.S., all three major indexes showed positive momentum on Wednesday. The S&amp;P 500 continued its four-day winning streak as investors digested new U.S. economic data. However, the U.S. annual gross domestic product growth for the second quarter was revised downward to 2.1%, down from the initial forecast of 2.4%. The broad-market index rose by 0.38%, the Dow Jones Industrial Average edged up by 0.11%, and the tech-focused Nasdaq Composite advanced significantly with a gain of 0.54%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; CAD Current Account<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Core PCE Price Index m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Flash Manufacturing PMI<\/li>\n\n\n\n<li>1:45 PM GMT &#8211; USD Chicago PMI<\/li>\n\n\n\n<li>2:30 PM GMT &#8211; USD Natural Gas Storage<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets exhibited a [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":62297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/65388"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=65388"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/65388\/revisions"}],"predecessor-version":[{"id":65400,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/65388\/revisions\/65400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/62297"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=65388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=65388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=65388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}