Tuesday preview: German GDP, Ifo survey among the highlights.
Tuesday looked set to be another fairly quiet day, with first-half results from Chesnara and Gulf Keystone Petroleum due out in the UK.
Source: Sharecast
In the US, quarterly results from Zoom Communications and Dick’s Sporting Goods will be among the highlights.
On the macro calendar, German second-quarter GDP and the Ifo business climate index for August will be released. In the US, consumer confidence and the latest new home sales figures will be out.
As far as the final German Q2 GDP figures are concerned, Daiwa Capital Markets said it doesn’t expect any revisions to the data, which showed growth moderating 0.2 percentage points from its four-year high in the first quarter of 0.4% quarter-on-quarter, but nonetheless marked a third consecutive quarter of growth for the first time since 2022.
"In terms of the expenditure contributions, growth was likely characterised again by stronger government expenditure, while private consumption remained subdued, contributing only negligibly, and fixed investment likely softened amid the uncertainty surrounding the oil shock," it said.
"Moreover, despite a third successive quarter of growth in goods exports, growth in imports seems likely to have dulled any impulse from net trade. But stockpiling by firms ahead of potential supply disruption suggests that inventories contributed positively."
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