European shares rebound today
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European shares rebound today, supported by decent PMI data. Major indices gain up to 1%. US Equities opened in positive territory too.
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US eco data showed a mixed picture. The Richmond Fed index dropped from 10 to ‐11 in August, reversing the July uptick. New home sales rose by 12%, reaching new multi‐year highs.
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UK manufacturers' export order books reached a two‐year high as the depreciation of sterling is feeding through to stronger overseas demand, the CBI said today, adding that total order books were largely unchanged but remained comfortably above the long–run average.
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Hungary's central bank kept its benchmark interest rate unchanged at its record low of 0.9%, in line with expectations. The central bank said it will decide on the operational details of the limits on 3‐month deposits in September. The forint strengthened slightly further.
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Turkey's central bank cut its overnight lending rate by 25 basis points to 8.5%, in line with expectations. The overnight borrowing rate and benchmark repurchase rate stayed unchanged at 7.25% and 7.5% respectively. The lira strengthened slightly today.
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