Premarket | Stock markets close the week with ups and downs after knowing GDP in Europe and the US – Valora Analitik

ASIA Most Asian markets ended the week with negative results, due to the outbreak of the Covid-19 pandemic in some countries and the negative second-quarter GDP results in the US. The benchmarks started in red and thus remained the same. rest of a day marked by the contraction, due to the pandemic, of 32.9% of US GDP in the second quarter, the worst figure since there are records. On the other hand, the purchasing manager index (PMI), a benchmark indicator of China’s manufacturing industry, stood at 51.1 points in July, extending its growth streak for the fifth consecutive month, according to official data. The figure exceeds the expectations of analysts, who had forecast 50.7 points for the current month. EUROPE European stock markets remain stable despite the fact that it is known today that the Eurozone’s GDP contracted 12.1% between April and June, more than the 11.2% expected. The biggest drop has been due to figures in Spain, where GDP has fallen by 18.5%, while France’s economy has contracted by 13.8% and Italy’s by a surprisingly discreet 12.4%. . Italy suffered the worst outbreak in all of Europe, concentrated in its most economically important region, Lombardy. However, it also imposed confinement first, creating a lower base at the end of the first quarter. However, Germany’s retail sales data and France’s consumer spending data for June far exceeded expectations, underscoring how the economy had already started to rebound at the end of the quarter. Additionally, encouraging results reports from Nokia, BNP Paribas and other companies countered rising concerns about the global economic recovery as coronavirus cases are increasing worldwide. The Stoxx 600 Index is on track to end the month in a negative after weak economic data and concerns about the 2020 US presidential election dragged the index down to one-month lows yesterday. US Stocks in the US point to an upside open as Nasdaq futures naturally outperformed big tech gains after Thursday’s close. This after the publication of results from Facebook and Amazon, which have given much better figures than expected and also forecasts, so that both rise strongly in the after-hours. Google has also given better results and sales than expected, rising just over 1% in the after-hours. Now, after the great technologies come the big oil companies. Exxon Mobil and Chevron will present their quarterly results for a period in which oil prices have become stable and slightly upward. Both are expected to lean toward net losses after having already announced their intention to make massive reductions in certain asset values, reflecting expectations that oil prices will remain low for longer than before. In the economic calendar, personal consumption and consumption data will be published. OIL MARKET SUMMARY Oil prices rebounded today, after hitting three-week lows in the previous session, responding to a record slowdown in US inventory growth as the coronavirus devastated the largest economy and consumer of the world’s oil. Brent crude rose 0.3% to $ 43.08 a barrel while WTI crude rose 0.5% to $ 40.13, rebounding again from lows not seen since July 10. This leaves benchmark Brent on track for a fourth month of gains, while WTI crude is headed for a third consecutive month of increases, as contracts have recovered from the deep declines in April when much of the world was blocked by Covid-19. But as a second wave of infections breaks out across the world, the threat to oil demand is becoming evident. “The equilibrium price may be lower,” said Michael McCarthy, chief strategist at CMC Markets. “Now that we have addressed the problems related to the grouping of Opep +, we know what is happening there, the key issue for the oil markets is the destruction of demand,” he said. (The Wall Street Journal, Finviz, Investing, Markets Insider, Ambito, 20 minutes, Valora Analitik). –