External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>Euro-area flash inflation continued to ease in July to 5.3% y/y in line with BBG consensus, down from 5.5% y/y in June.</li><li>Core inflation remained unchanged at 5.5% y/y (BBG consensus: 5.4% y/y).Service inflation increased to 5.6% y/y in July from 5.4% y/y in June.</li><li>Not something the ECB wants to see as services prices are the most sensitive to wage growth and may be an indication that the labour market remains too tight.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Euro-area flash inflation continued to ease in July to 5.3% y/y in line with BBG consensus, down from 5.5% y/y in June.Core inflation remained unchanged at 5.5% y/y (BBG consensus: 5.4% y/y).Service inflation increased to 5.6% y/y in July from 5.4% y/y in June.Not something the ECB wants to see as services prices are the most sensitive to wage growth and may be an indication that the labour market remains too tight.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Euro-area flash inflation: Higher service inflation

<ul>
<li>The headline ESI declined to 87.5 in July from 89.9 the previous month.</li>
<li>Today’s reading marks the 12th consecutive month below the neutral level 100. The index was mainly weighed down by sharp declines in the manufacturing and construction sectors.</li>
<li>Manufacturing confidencefell by 4.8 index points to 97.1, thus taking the index to contractionary territory for the first time since August 2020.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


The headline ESI declined to 87.5 in July from 89.9 the previous month.
Today’s reading marks the 12th consecutive month below the neutral level 100. The index was mainly weighed down by sharp declines in the manufacturing and construction sectors.
Manufacturing confidencefell by 4.8 index points to 97.1, thus taking the index to contractionary territory for the first time since August 2020.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swedish Tendency Survey: Lower Price Plans and Signs of a Cooling Labour Market

<ul>
<li>The ECB hiked rates by a further 25bp, bringing the deposit rate to 3.75%.</li>
<li>The wording change in the statement explicitly left open the possibility of not raising rates further, and Lagarde confirmed this change was significant.</li>
<li>We think the ECB is done hiking rates, though future data releases will eventually determine, whether the data-dependent ECB hikes rates further.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


The ECB hiked rates by a further 25bp, bringing the deposit rate to 3.75%.
The wording change in the statement explicitly left open the possibility of not raising rates further, and Lagarde confirmed this change was significant.
We think the ECB is done hiking rates, though future data releases will eventually determine, whether the data-dependent ECB hikes rates further.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ECB Watch: The Peak Is Here or at Least Near

<ul>
<li>In July, we observe a significant decrease in overall risk levels.</li>
<li>Currently, there are no currencies labeled as high risk, and 27 currencies are labeled as low risk.</li>
<li>Regarding the Russian ruble, it remains in the green territory.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


In July, we observe a significant decrease in overall risk levels.
Currently, there are no currencies labeled as high risk, and 27 currencies are labeled as low risk.
Regarding the Russian ruble, it remains in the green territory.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Founder, TPW Advisory

TPW Advisory

Founder

Independent Investment Advisory Boutique

TPW Advisory is an independent investment advisory boutique located in NYC offering asset allocation & portfolio strategy advice, white label research and global, multi asset ETF based model portfolio delivery services.

<ul><li>The past few years have felt very sped up – dealing with the 3Cs of Covid, Climate &amp; Conflict in an Age of Speed will do that.</li><li>Now we are thru Covid &amp; past the energy shock and attendant inflation spike, its time to focus on what comes next – the birth of the new.</li><li>Birthing something takes time, is often messy and can mess with one’s head.</li></ul>

The past few years have felt very sped up – dealing with the 3Cs of Covid, Climate &amp; Conflict in an Age of Speed will do that.Now we are thru Covid &amp; past the energy shock and attendant inflation spike, its time to focus on what comes next – the birth of the new.Birthing something takes time, is often messy and can mess with one’s head.

TPW Advisory June Monthly: The Birth Of The New

United States

The US dollar is the official currency of the United States of America.

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Euro-area flash inflation: Higher service inflation

Euro-area flash inflation continued to ease in July to 5.3% y/y in line with BBG consensus, down from 5.5% y/y in June. Core inflation remained...

Nordea

Swedish Tendency Survey: Lower Price Plans and Signs of a Cooling Labour Market

The headline ESI declined to 87.5 in July from 89.9 the previous month. Today’s reading marks the 12th consecutive month below the neutral level...

Nordea

ECB Watch: The Peak Is Here or at Least Near

The ECB hiked rates by a further 25bp, bringing the deposit rate to 3.75%.The wording change in the statement explicitly left open the possibility...

Nordea

EM Traffic Light July 2023

In July, we observe a significant decrease in overall risk levels. Currently, there are no currencies labeled as high risk, and 27 currencies are...

Nordea

TPW Advisory June Monthly: The Birth Of The New

The past few years have felt very sped up – dealing with the 3Cs of Covid, Climate & Conflict in an Age of Speed will do that.

TPW Advisory

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