South Korea’s latest fiscal stimulus contributed to improved consumer sentiment and greater growth momentum. But these effects may prove temporary. Even so, the Bank of Korea will stand pat later this week, as it focuses more on housing prices.
S&P 500 with Nasdaq almost retested Wednesday‘s lows – unlike Russell 2000, which refused to correct meaningfully Friday premarket. That was but one of the signs of what to expect – and all clients were ready as to what I expected to unfold, and what was the game plan.
I strongly invite you to check these two pieces to spot how strong the reactions are after the dovish speech from Powell:
Germany’s GDP fell 0.3% q/q in Q2 2025 (0.2 pp below the flash); y/y: –0.2% unadjusted, +0.2% calendar-adjusted. Previous quarters: +0.3% (Q1 2025), +0.2% (Q4 2024). Destatis’ annual revision altered earlier quarters by –0.7 to +0.6 pp.
The Market is going wild from Powell's speech, interpreted as largely dovish! In case you missed it, you can access the text and a review of his live speech at the Jackson Hole Economic Symposium on this page:
Forex Markets are going bonkers since Powell's dovish speech at the Jackson Hole conference.
The US Dollar is getting sold off aggressively as the Market interpreted dovish signs for a cut in the September, even in a relatively nuanced speech – Markets didn't need much!
Wall Street's main indexes surged on Friday after Federal Reserve Chair Jerome Powell hinted at a possible interest rate cut during his speech at the Jackson Hole Symposium.
The Dow Jones rose 887.83 points (1.99%) to a record high of 45,680.14. The S&P 500 gained 102.14 points (1.61%) to 6,472.31, and the Nasdaq climbed 421.85 points (2.00%) to 21,520.79.
Retail sales in July rose by 4.8%YoY in Poland, rebounding from June’s weaker 2.2% figure. The June dip was a one-off weakness and most likely reflected a temporary shift in consumer spending from goods to services, driven by increased travel and hospitality outlays during the Corpus Christi long weekend
The ongoing improvement in business sentiment reflects the strong belief in the healing nature of fiscal stimulus
This week has been rough for risk assets, particularly tech. The Nasdaq has entered a correction phase, and the one for Cryptocurrencies is even steeper.
Markets have been awaiting further news from Jerome Powell concerning any type of rate cuts, as seen in the signs of hesitancy in Equities and Crypto. He is about to speak in a few minutes at the Jackson Hole Symposium.
Investors lapped up Jerome Powell's words like honey on Friday, as the man has apparently been troubled enough by the latest weakness in jobs numbers to say that this situation "suggests that downside risks to employment are rising" and that "if those risks materialize, they can do so quickly in the form of sharply higher layoffs and rising unemployment." And no one wants that to happen – especially after heavy criticism from the White House pointing at Powell as Mr. Too Late.
Federal Reserve Chair Jerome Powell’s speech at Jackson Hole provided a boost to most risk assets, including large parts of the commodities complex. Yet, uncertainty over a Russia-Ukraine peace deal and the risk of tougher sanctions hang over the market
Chair Powell could have been super balanced, or even hawkish. But he effectively chose to endorse the market discount for a rate-cutting phase ahead. It's had quite the reaction. Risk assets are up, the dollar down, so's the front-end yield. Watch longer tenor yields though - the deep thinkers of the bond market, and not quite convinced cuts are all good
Although Europe faces significant housing shortages, residential construction is unlikely to rise this year. Permits for new homes are increasing, but growth remains slow. The infrastructure sector continues to grow, but significant gains from the new NATO agreement are unlikely
Our latest ING Consumer Research survey sheds light on what European consumers are worried about – and what they believe governments should prioritise in spending
Trigger warning: this article contains the greatest puns you'll ever read on this website. Oh, and James Smith's look at the week ahead...
The dollar is drifting higher ahead of a key speech from Fed Chair Powell today. Driving that has been some slightly better business confidence data, questioning whether the Fed needs to cut in September. We doubt the dollar has to rally too much further. Behind the scenes, it seems that foreign central banks are quietly leaving the US Treasury market
A full reversal of previous US front-loading effects has pushed the German economy back into recessionary territory, and it looks increasingly unlikely that any substantial recovery will materialise before 2026
Selling pressure across most major US and European indices continued yesterday. Tensions between Russia and Ukraine persist with mutual attacks, while hawkish risks to the market's recent dovish Federal Reserve (Fed) narrative persist. Weekly jobless claims and the Philadelphia Fed survey were broadly consistent with concerns over a slowing labour market and lingering price pressures.
In August, France’s business climate index remained stuck at 96 for the third consecutive month. While stable, it continues to hover below its long-term average, a sign that the economy is holding its breath rather than gaining momentum