The wait-and-see attitude of investors ahead of the Jackson Hole symposium and Fed President Jerome Powell's speech is keeping stock markets around the world on the fence. The Dow Jones Industrial closed virtually unchanged from the previous day at 35,366.26 points (+0.09%). The market-wide S&P 500 and on the technology exchange Nasdaq were again reached new records during Tuesday. At the close of trading, the S&P 500 went out at 4,486.23 points (+0.15%) and the Nasdaq 100 at 15,357.68 points (+0.29%).
Also, in most stock markets in Asia dominated the mid-week cautious attitude of investors. In addition, the recovery of Chinese technology stocks stalled and concerns about the resilience of the economic recovery to the fast-spreading delta variant prevailed.
The investment bank Goldman Sachs sees the probability that the Federal Reserve reducing its bond purchases (tapering) by an expected USD 15 billion per month as early as November now at a probability of 45%, instead of 25% as previously. In turn, the New York investment house lowered the corresponding probability of a December start from 55% to 35%.
The gross domestic product of Europe's largest economy grew by +1.6% in the period from April to June compared with the previous quarter and thus somewhat more strongly than initially assumed at +1.5%. Compared with the previous year, the growth rate was +9.4% (first estimate +9.2%). Growth was also supported by renewed strength in private consumption (+3.2% quarter-on-quarter in Q2), which benefited from the easing of the corona measures.
|10:00||GE||Ifo Business Climate Index||100.8|
|14:30||US||Durable Goods Orders (July, m/m)||+0.9%|
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Source: LGT Bank (Switzerland) Ltd.
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