- The latest UK GDP data from the Office for National Statistics showed the UK economy rose just 0.1% in July. Down from 1% in June and below expectations. Jonathan Athow, ONS deputy national statistician, said “after many months during which the economy grew strongly, making up much of the lost ground from the pandemic, there was little growth overall in July”.
- On Thursday the European Central Bank announced that due to stronger growth across the region and higher inflation it will be “moderately” slowing the pace of bond-buying in its pandemic emergency purchase programme (PEPP).
- Our Breadth indicator turned neutral and our Momentum Indicator ticked lower again.
- The US stock-market was lower every day last week (Monday was a holiday) and the previous Friday as well.
- Stocks declined as concerns about the rate of economic recovery came back into focus. This was due to the big miss in the US jobs data released the previous Friday.
- Inflation worries are also weighing on sentiment; producer prices rose 0.7% in August, above expectations for a 0.6% increase.
- Our Breadth Indicator stayed negative but our Momentum Indicator ticked higher again.
The Big Picture 10th September 2021
Market Sentiment 10th September 2021
U.S. Risk Barometer 10th September 2021
Europe Risk Barometer 10th September 2021
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