Equities slide on Tuesday, EU investors getting ready for a batch of EU eco numbers

07/09/2021

The greenback ticker higher on Tuesday, and investors took some profits from yesterday's rally in stock indices, dragging them slightly lower during the London session.

Stocks failed to advance despite some positive overnight data from China. Exports from the country rose 25.6% in August year-on-year, way above July's 19.3% gain. Analysts had expected 17.1%. Rising exports suggest that the Chinese economy could be expanding faster than previously thought, which should be positive for global economic growth.

In Europe, German industrial production grew 1% in July (m/m), above the 0.7% expected and stronger than -1% scored in June. As a result, the yearly gauge accelerated further higher to 5.7%.

Later in the day, the ZEW survey from the eurozone will be released, along with the GDP data for the second quarter and employment change from the euro bloc. In addition, German ZEW surveys are also on the agenda. All the numbers could spur some volatility in the EURUSD pair or German equities. 

There are no US data released today, but US investors will return from their prolonged weekend, possibly leading to higher volumes and larger market movements. 

Precious metals have failed to breach their critical resistances (gold at 1,835 USD and silver at 24.85 USD), and some profit-taking is observed in those markets, following the impressive rally over the previous weeks. 
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