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German investor morale continues to rise in September but less than expected - ZEW survey

Germany September ZEW survey current conditions -47.1 vs -52.1 expected Prior -61.1 Germany September ZEW survey economic sentiment 34.7 vs 40.0 expected Prior 34.2 The breakdownThe uptick in the current conditions index is encouraging, as it is a beat on estimates. However, the economic sentiment indicator only showed a mild improvement compared to August. ZEW notes that this suggests that…

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What are the main events for today?

EUROPEAN SESSION In the European session, the main highlight was the UK employment report. The data was basically in-line with expectations across the board and didn't change much in terms of BoE interest rate expectations. As a reminder, the market is pricing in 50 bps of tightening by year-end, with the first rate hike coming in November. Looking ahead, we don't have much on the agenda other…

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UK labour market cools further as payrolls fall and wage growth slows

The key details: July ILO unemployment rate 4.9% vs 5.0% expected Prior 4.9% July employment change 67k vs 67k expected Prior 83k July average weekly earnings +3.9% vs +3.9% 3m/y expected Prior +4.1%; revised to +4.2% July average weekly earnings (ex bonus) +3.5% vs +3.5% 3m/y expected Prior +3.5% August payrolls change -26k Prior -13k; revised to -19k The UK labour market continues to show signs…

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