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Economic Indicators: U.K. GDP Drop and EU Industrial Production

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Economic Indicators: Tom Essaye Quoted in Barron’s

Gloomy Economic Data Weigh on European Trading

Economic indicators such as, “U.K. GDP dropped…after hot wage data yesterday, bolstering stagflation fears while EU Industrial Production fell,” said Tom Essaye, the founder of Sevens Report Research.

“Despite the recently soft data, rates markets continue to price in a 75% chance of an ECB rate hike this week.”

Also, click here to view the full Barron’s article published on September 13th, 2023. However, to see Tom’s full comments on the current market environment sign up here.

Economic Indicators

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Tom Essaye Quoted in Barron’s on July 12th, 2022

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Dow Drops, Peloton Gains—and What Else Happened in the Stock Market Today

Rising recession concerns in the EU…continue to drive the dollar relentlessly higher vs. the euro, pound, and yen…wrote Tom Essaye, founder of Sevens Report Research. Click here to read the full article.

Jobs Report Preview

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What’s in Today’s Report:

  • Jobs Report Preview
  • Is Good Economic Data Bad for Markets?

Futures are modestly higher following a soft EU inflation reading and on reports, OPEC members may increase oil production.

Euro Zone PPI undershot expectations (1.2% vs. (E) 2.3%) offering some hope that inflation in the EU is peaking.

Oil is down 2.5% after Saudi Arabia said it may increase oil production to make up for any Russian shortfall.

Today’s focus will be on the economic and inflation data including, in order of importance: ADP Employment Report (E: 240k), Unit Labor Costs (E: 11.6%), and Jobless Claims (E: 210k).  If the data is “Goldilocks” then this early rally can continue.  Finally, there are two Fed speakers today, Logan (12:00 p.m. ET) and Mester (1:00 p.m. ET), with the latter more important (and if she’s hawkish that will weigh on sentiment).