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Traders have recovered from the initial shock of the Syrian conflict, as military intervention may not be on the cards as soon as originally thought. A lack of bad news from Syria, combined with positive economic and corporate announcements, encouraged dealers to go long. Brussels reported a retail purchasing managers' index (PMI) of 50.3 in August, and this 28-month high tells us the eurozone is moving in the right direction.
Italy held its latest ten-year bond auction, and the cost of borrowing remained the same at 4.46%. However, the cover ratio increased from 1.3 to 1.5, which means traders have more confidence in the Italian government’s ability to repay its loans.
The world’s largest advertising and public relations firm, WPP, reported a 19% increase in first-half profit, and the stock is up 4%.
At 1.30pm (London time), US GDP and initial jobless claims are released. The outcomes should provide more clues as to when the Federal Reserve will begin tapering its stimulus package.