Surprise rebound in Chinese foreign trade in August

European equity markets caught up yesterday while Asian markets were optimistic for unconvincing reasons: the upcoming departure of the Japanese Prime Minister would pave the way for new stimulus measures and Chinese foreign trade accelerated in August against all expectations. We must remain cautious with these statistics, which are still affected by a strong base effect.

On the other hand, the rebound in industrial activity is confirmed in Germany, with bottlenecks in the automobile sector easing.

To be followed today, the ZEW survey in Germany and the latest estimate of GDP growth in the euro zone in Q2 (+2% q/q for the moment). Still nothing from the US despite the reopening of the markets. The EUR/USD exchange rate is fairly stable around 1.1870 while waiting for the ECB meeting.

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