Economics
This week we expect US Q2 GDP to slow from Q1 due to lower personal consumption growth. Durable manufacturing orders should have recovered in June.
The German Ifo and Belgian BNB indices should have benefited in July from better export prospects. In Japan we expect industrial production to have risen in June.
Foreign exchange
Euro/dollar: short term bearish view should result in a test of important support level at 1.216. A break of this level gives room for a further decrease towards 1.2060.
Dollar/yen: prices are trapped between 108 and 110. A break out to the upside is the most likely technical scenario.
Fixed Income
Yields were marginally up over the past week, mainly on the intermediate part of the curve. The market was driven by Fed comments. The Fed seemed more concerned by inflation pressures than by a slowdown in economic growth.
One of the key events of the coming week is the publication of the Beige Book in the US but also some consumer and producer confidence indices as for example the Ifo and BNB index.
Equities
Greenspan's equity markets supporting comments increased volatility last week. In addition, Microsoft initiated a major share buyback program combined with a huge one-time dividend pay-out.
Focus remains on the earnings reports that come in mainly above expectations, or at least in line with high expectations.
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Thin markets, little change
- Monday, July 26 - 2004 at 15:27
Focus remains on the earnings reports that come in mainly above expectations, or at least in line with high expectations.
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InternaxxMonday, July 26 - 2004 at 15:27 UAE local time (GMT+4)
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This article was updated on Sun Apr 22 2007.
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