European stock markets were on fire this Wednesday! Folks were on the edge of their seats, eyeing some juicy regional stats and, let’s be honest, salivating over the soon-to-be-revealed numbers from the chip giant Nvidia.
Bright and early, around 03:30 ET (or for our friends across the pond, 07:30 GMT), we saw the DAX in Germany take a 0.4% leap, the French CAC 40 skip up by 0.5%, and, not to be left behind, the UK’s FTSE 100 nudged up by 0.3%. Not too shabby!
Hold on, though – here comes the PMI rollercoaster! European investors had their binoculars out, hunting down those flash PMI stats for August, trying to get the lay of the land for the European economic scene. It’s been a bit of a seesaw lately – while the Eurozone and U.K. PMIs felt a bit under the weather, France gave us a mixed bag. Their manufacturing PMI got a little pep in its step, but the service sector? Eh, took a tiny step back. And Germany? Well, it had a similar song and dance.
Will these numbers make the big bosses at the European Central Bank amp up those interest rates next month? And what about the Bank of England? With inflation puffing its chest, there might be a sizeable rate hike on the horizon. Keep an eye out for the eurozone consumer confidence update – word on the street is, it might just show a tiny glimmer of hope!
Speaking of big meetings, central banking bigwigs are flying into Jackson Hole, Wyoming, gearing up for some major chit-chat. While everyone’s waiting with bated breath for Fed Chair Jerome Powell’s Friday pow-wow, Europe’s banking head honchos, Christine Lagarde and Andrew Bailey, will be grabbing the mic too. Should be a hoot!
Now, drumroll, please… Nvidia’s about to drop its quarterly results! With the earnings season winding down, everyone’s eyes are glued to Nvidia, the rockstar chipmaker that’s riding the global AI wave. Thanks to heavy hitters like ChatGPT, powered by Nvidia’s magic beans (I mean, graphic processors), the company’s been basking in the limelight. After a jaw-dropping stock surge back in May, who knows which way the wind will blow by week’s end?
Quick oil check-in: prices dipped a smidge, but there’s a buzz around the Jackson Hole symposium that’s keeping things steady. After a massive oil draw last week, this week saw another 2.4 million barrels dive out. With the U.S. energy department’s report looming, it’s nail-biting time!
And in the wee hours, U.S. crude slipped 0.5% to $79.25 a barrel, Brent followed suit, and gold? It glittered a bit brighter, rising 0.3%. As for EUR/USD? A tiny 0.1% dip. Whew, what a ride! So, strap in, folks, ’cause the week’s not over yet!
