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Markets focus on Draghi

Yesterday’s markets

22nd July 2016

GBP Retail Sales m/m: -0.9%
GBP Public Sector Net Borrowing: 7.3B
EUR Minimum Bid Rate: 0.00%
EUR ECB Press Conference
USD Philly Fed Manufacturing Index: -2.9
USD Unemployment Claims: 253K
USD Existing Home Sales: 5.57M

UK Retail Sales disappointed yesterday morning, dropping further than expected to 0.9%, its biggest fall in six months. Whilst the majority of the data in the report covered the period before the referendum, the UK Office for National Statistics said it had not received evidence of a Brexit effect. Economists’ are forecasting that the UK will tip into recession for the first time since 2009. Sterling fell drastically after this release.

Draghi stole the spotlight in the afternoon as the ECB announced their interest rate decision, followed by a Draghi-led press conference. The ECB unsurprisingly kept rates the same at 0%, whilst Draghi announced that the Central Bank will continue its asset purchasing until March next year. Draghi attempted to settle investors nerves on a number of global issues including Brexit, Turkey, Italian banks and the continuing decline of the struggling Eurozone economy. The Euro remained relatively stable throughout the conference as Draghi kept in line with market expectations.

Today’s markets

21st July 2016

EUR French Flash Manufacturing PMI
EUR French Flash Services PMI
EUR German Flash Manufacturing PMI
EUR German Flash Services PMI
EUR Flash Manufacturing PMI
EUR Flash Services PMI
GBP Manufacturing PMI
GBP Services PMI
CAD Core CPI m/m
CAD Core Retail Sales m/m
CAD CPI m/m
CAD Retail Sales m/m
ALL G20 Meetings

Eurozone PMIs, and Canadian data will be the main economic talking points on Friday, as well as GBP Construction PMI. On Saturday we have day 1 of the G20 meetings scheduled to take place in Chengdu. Markets will be looking for further comments on the current geo-political issues dominating the globe. Anything untoward could spark high levels of volatility throughout market.

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