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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

The dollar rises to an 11-week high; indices fall around the globe

The US dollar continued to rally on Friday morning, having a negative effect on equity markets. On Thursday, US indices fell in excess of 1%.

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The US dollar

The USD continued to rally on Friday morning, having a negative effect on equity markets. On Thursday, US indices fell in excess of 1%. Nikkei suffered losses in the Asia Pacific (APAC) region. At the Federal Reserve's (Fed) banking symposium today in Jackson Hole, we hear from Christine Lagarde at noon, and then at 3 p.m. the keynote address from Fed Chairman Jerome Powell.

The UK Consumer Confidence Index

UK consumer confidence rose more than expected in August. The index recorded its biggest gains since April, as evidence suggests that the high cost of living is finally beginning to ease. The Growth From Knowledge Consumer Confidence Index (Gfk) is still negative, though, and the easing of the situation is all relative. Rising to -25, five points better than the previous month. Economists anticipated a gain of only one point to -29.

The British consumer price index

British consumers' mood perked up as lower inflation made individuals less downbeat. With the consumer price index now at 6.8%, wage growth is now close to matching inflation for the first time in nearly two years. Households' expectations for their personal financial situation over the coming year rose to -3 from -7. A year ago, when energy prices were soaring, this indicator was down to -31. Part of this is the rise in wages, which are climbing at their fastest rate on record in the most recent data.

German economy overview

In Germany, final estimates of gross domestic product in the second quarter stayed unchanged, at 0% quarter on quarter (QoQ) and -0.2% on an annualised basis. At 9 a.m., Ifo's business climate is forecast to decline for a fourth straight month to 86.7 from 87.3 in July.

Gap

Gap posted its quarterly report yesterday after the closing bell. The clothes retailer posted 34 cents per share in earnings in the second quarter, higher than the 10 cents expected. Net sales fell 8% to $3.55 billion, narrowly missing analysts' estimates of $3.58 billion. As the top and bottom lines show, Gap has also been battling declining sales and even warned it was losing market share to rivals like Shein, Amazon, and T.J. Maxx.

Gap and Banana Republic

The group had no choice but to close underperforming Gap and Banana Republic stores to save on costs. Gap had to part with 2,000 jobs to shield its margins. Gap warned that sales would continue to decline at a steeper rate in the current quarter and now sees fiscal 2023 net sales decreasing in the mid-single-digit percentage range.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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