Market Talk – Wednesday, Sept. 16

  • CAC 40 increased 6.49 points or 0.13% to 5,074.42
  • FTSE 100 decreased 27.06 points or -0.44% to 6,078.48
  • DAX 30 increased 37.70 points or 0.29% to 13,255.37

The major Europe currency markets had a mixed day today:

  • EURUSD decreased 0.00045 or -0.04% to 1.18378
  • GBPUSD increased 0.01095 or 0.85% to 1.29873
  • USDCHF decreased 0.00075 or -0.08% to 0.90789

Some economic news from Europe today:

UK:

Core CPI (YoY) (Aug) decreased from 1.8% to 0.9%

Core CPI MoM (MoM) (Aug) decreased from 0.4% to -0.6%

Core PPI Output (YoY) (Aug) decreased from 0.1% to 0.0%

Core PPI Output (MoM) (Aug) increased from -0.1% to 0.1%

Core RPI (YoY) (Aug) decreased from 1.9% to 0.8%

Core RPI (MoM) (Aug) decreased from 0.5% to -0.3%

CPI (MoM) (Aug) decreased from 0.4% to -0.4%

CPI (YoY) (Aug) decreased from 1.0% to 0.2%

CPI, n.s.a (Aug) decreased from 109.10 to 108.60

PPI Input (MoM) (Aug) decreased from 1.8% to -0.4%

PPI Input (YoY) (Aug) decreased from -5.7% to -5.8%

PPI Output (YoY) (Aug) remain the same at -0.9%

PPI Output (MoM) (Aug) decreased from 0.3% to 0.0%

RPI (MoM) (Aug) decreased from 0.5% to -0.3%

RPI (YoY) (Aug) decreased from 1.6% to 0.5%

House Price Index (YoY) increased from 1.1% to 3.4%

Euro Zone:

Trade Balance (Jul) increased from 20.2B to 27.9B

US/AMERICAS:

The Federal Open Market Committee voted to hold short-term rates at 0%-0.25%. The current 2% inflation target will be permitted to rise “moderately for some time so that inflation averages 2% over time and longer-term inflation expectations remain well-anchored at 2%,” Chairman Jerome Powell stated. Furthermore, the committee adjusted their GDP forecast to -3.7%, which is a drastic improvement from their June forecast of -6.5%. Long-term, the FOMC lowered their target for 2021 to 4% from 5%, 2022 to 3% from 3.5%, and they expect growth to remain at 2.5% in 2023.

Nearly half of all US households reported that they are experiencing significant financial trouble in a recent survey by NPR, the Robert Wood Johnson Foundation, and Harvard’s T.H. Chan School of Public Health. Nationally, 46% of those surveyed reported “serious financial problems,” while nearly 35% reported “using all of their savings.” The figures are worse for households earning under $100,000 annually. In urban areas such as New York, Los Angeles, Chicago, and Houston, respondents reported having trouble financially caring for children, paying loans, mortgages or rent, medical expenses, and basic necessities.

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