(CercleFinance.com) – European stock markets fall heavily (-2.2% in London, -1.8% in Frankfurt, -2.7% in Paris), suffering from a report of the last meeting of the FOMC reinforcing the prospect of an imminent tightening of the Fed’s monetary policy.
‘The S & P500 posted its biggest one-day loss in nearly a month after July FOMC minutes showed most officials were in favor of cutting bond purchases by the end 2021 ‘, points out Deutsche Bank.
“The speech by Fed Chairman Jerome Powell next week in Jackson Hole will now be all the more in the spotlight, as investors await further clues about a potential reduction strategy,” the German bank continued.
This afternoon, traders should take note of the Philly Fed activity index and weekly claims for unemployment benefits, then the composite index of leading indicators for July, calculated by the Conference Board.
On the value side, Geberit lost 3% in Zurich, after the publication of an ‘excellent second quarter, but with a new guidance for 2021 slightly lower than the expectations of the consensus at the level of the EBITDA margin’, according to Oddo BHF.
ABB is down 2%, despite the Swiss engineering group winning a $ 120 million contract with Chevron Australia and Aker Solutions to supply an underwater power supply system in Australia.
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