Thursday's session was marked by German Business Climate data. German business sentiment unexpectedly declined the most in more than four years in August in a sign that companies are waking up to the consequences Britain’s decision to quit the European Union will have on the economy. Business climate index fell to 106.2 in August from 108.3. The drop in the key Ifo business climate index enforces the concern company executives from Siemens AG to Thyssenkrupp AG have raised in the previous weeks: Political uncertainty related to Brexit and a range of other crises in the region threaten to damp so-far solid growth in Europe’s largest economy.
From Eurozone, on Friday, M3 Money Supply figures were released. The annual growth rate of the broad monetary aggregate M3 decreased to 4.8% in July 2016, from 5.0% in June, averaging 4.9% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), decreased to 8.4% in July, from 8.7% in June.
This week markets will be looking at:
German Prelim CPI (Tuesday)
Spanish Prelim CPI (Tuesday 9:00)
German Retail Sales (Wednesday 8:00)
German Unemployment Change (Wednesday 9:55)
CPI Flash Estimate (Wednesday 11:00)
Spanish Manufacturing PMI (Thursday 9:15)
Spanish Unemployment Change (Friday 9:00)
