U.S. indices closed lower on Friday, pressured by shares in the Semiconductors & Semiconductor Equipment (-1.72%), Consumer Durables & Apparel (-1.66%), and Automobiles & Components (-1.51%) sectors. On the economic data front, PPI rose 1.7% YoY in July (as expected and in June), and core PPI grew 2.1% (vs. +2.3% expected and +2.3% in June). The S&P 500 (2,918.65) trades below its 20d moving average (2,969.07 – negative slope) and below its 50d moving average (2,936.45 – positive slope).
European markets are expected to start on a flat note.<\/p>\n\n\n\n
Foreign Exchange<\/strong><\/p>\n\n\n\n The US dollar was bearish against all of its major pairs on Friday with the exception of the JPY, EUR and CHF. On the economic data front, PPI Final Demand increased by 0.2% MoM in July (estimated 0.2%) vs. 0.1% in the prior month.
The Euro was bullish against all of its major pairs with the exception of the JPY. In Europe, The German trade balance excess narrowed to E16.8B in June from E20.6B in May. It was expected to be E19.5B. The French industrial production slid by 2.3% in June (-1.2% anticipated) after a 2% rise a month earlier. The UK GDP fell by 0.2% in 2Q, its first decline since 2012, after a 0.5% rise for the previous period.
The Australian dollar was bearish against all its major pairs with the exception of the GBP.<\/p>\n\n\n\n