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With China’s economy slowing, it’s hoped that European results could revive markets today

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Further slowing to Chinese manufacturing

Data released yesterday showed that manufacturing in China has shrunk for the fifth month in a row. Whilst this release isn’t a surprise, given China’s slowing economic output throughout most of 2023, it’s a further blow to their stagnating economy. Many are calling on Beijing to add further stimulus measures to revive the global economy. Markets fell overnight and upon opening this morning on the back of the manufacturing news. 

A flurry of European economic data to watch

Today marks a deluge of data being released from the Eurozone, which markets will await with bated breath. The Eurozone region is set to release CPI (Consumer Price Index) figures, which provides a huge indicator of inflation. France and Italy are also releasing their own CPI figures. At the same time, France is scheduled to reveal their GDP (Gross Domestic Product), which will show how much they’ve grown. Meanwhile, Germany is set to follow up with their unemployment numbers. Whilst many of these numbers are often analysed, forecasted and therefore unsurprising in nature, they help to give a clear picture of the economic health of countries and the region. Unsurprisingly, this often triggers a market response based on sentiment. 

UBS publishes first earnings since Credit Suisse takeover

UBS released its earnings today, for the first time since its Credit Suisse takeover. The earnings announcements revealed a profit for the second quarter of 2023, which UBS said was reflective of the $28.93 billion in negative goodwill. All this means is that they acquired Credit Suisse for a lower price than it was perhaps worth. But given the recent state of the bank, it was a fair acquisition. They also announced that Credit Suisse would be fully integrated by 2024. This announcement buoyed up investors, shooting the share price up 4% as markets opened. 

Sources: Financial Times, Bloomberg, Nasdaq, Reuters

Zoe Burt