In a rush? Here’s the key takeaway
- The ECB was dovish but traders read Mario Draghi as less ebullient about rate cuts than is his usual want and thus reacted poorly to what is still a quite dovish message.
- That, some company earnings, and a US durabel goods more than twice that which was expected with a 2% print saw stock traders in a funk. The S&P 500 lost half a percent, the DAX 1.3%.
- German Ifo was crook with a capital C which knocked the Euro down to 1.1100 and while it has fought back to 1.1140 the USD is on the march across the board once more – now for Q2 GDP Friday to set the scene.
Now, let’s dive in to this morning’s newsletter.
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