- European markets are expected to open lower after Gazprom announced a complete halt to gas flows
- The results of the UK Conservative Party leadership race at 12h30 BST. are about to come
- Holidays in the United States and Canada
Futures markets are pointing to a huge gap at the start of today’s session. The price revision was initiated on Friday by Gazprom, which announced that gas flows to Europe via the Nord Stream I pipeline would be suspended indefinitely. The DAX is about to drop around 400 points at the start of the cash session. The euro is also suffering as EUR/USD fell below 0.99 for the first time in 20 years.
Energy issues are likely to remain an important factor in the markets today and in the coming days or weeks. However, there are other developments investors should watch out for. The results of the UK Conservative Party leadership will be announced at 12:30 GMT today, with the new Conservative Party leader set to become the UK’s new Prime Minister. In addition, investors are offered Europe Final Services PMI. While the revisions rarely lead to larger moves, it should be noted that the revisions to the production indices for August were quite large. Last but not least, investors should expect a bit less liquidity today, especially in the afternoon as US and Canadian traders head into the Labor Day holiday.
8:15 am BST – Services PMI for Spain, 8th August Expected: 52.9. Back: 53.8
8:45am BST: Italy services PMI for August. Prognosis: 48.2. Back: 48.4
8:50 am BST: PMI services for France, August (final). 1st release: 51.0
8:55 a.m. BST: Germany services PMI for August (final). 1st version: 48.2
9:00 am BST – Eurozone August Services PMI (Final). 1st version: 50.2
9:30am BST – Euro Zone Sentics Index for September. Forecast: -27.2. Previous: -25.2
9:30am BST – UK Services PMI for August (final). 1st release: 52.5
10:00 am BST – Eurozone Retail Sales for July. Expected: 0.4% monthly. Previously: -1.2% m/m
12h30 BST – UK Conservative Party leadership race results
Changed business hours due to US holidays.
- No transactions today: Corn, Soybeans, Wheat, Coffee, Sugar, Cotton, Cocoa, Soybean, Pork, Livestock
- US30, US100, US500, US2000, NOTE: until 6pm BST
- Gold, Silver, Platinum, Palladium, NatGas, Oil WTI, Gasoline: Until 7:30pm BST
- VOLX: Until 16:30 CET
- Oil: trading until 6:30 p.m
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