Euro fell to 20-year-low after Russian pipeline shutdown
09-06 10:00uSMART

The euro hit a new 20-year low on Monday after Russia’s decision to halt a major gas pipeline to Europe, which fell 0.7% to $0.988. These action intensified the energy crisis and gave a heavy blow to the region’s economy

 

MACRO

US Markets were closed for Labour Day Holiday while usual trading hours are set to be resumed tonight

EU Markets concluded lower, after Russia’s Gazprom announced that it will be ceasing gas flows to Europe through its Nord Stream 1 pipeline  

Asia Markets were broadly lower Monday, with EV and tech stocks leading losses on the Hang Seng Index

China’s Caixin Services PMI weakened in August, dipping from 55.5 in July to 55.0 but remained in expansion territory

 

SECTORS

Gold inched higher, trading just below $1,720/oz at time of writing on hopes of a less aggressive Fed following a strong jobs report

WTI Crude Oil jumped nearly 3% after OPEC+ agreed to a production cut of 100,000 bpd in October to support prices

 

COMPANY

Dechra Pharmaceuticals tumbled close to 10% after full-year margin saw a 60bps decrease to that of 32.3%

Uniper plunged 11% as gas prices skyrocketed following Russia’s halting of gas flows to Europe

 

EVENTS

Today’s Earnings:

  • Coupa Software (COUP)
  • Guidewire Software (GWRE)
  • UiPath (PATH)

 

Economic Calendar (07 September 2022)

  • Australia GDP Growth Rate QoQ Q2
  • China Balance of Trade (August)  
  • US Balance of Trade (July)

 

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