New week starts with negative sentiment.


Earlier in the day, German industrial production for July rose only 1.2% monthly, well below 4.8% expected and below 9.3% scored in June. The year-over-year change remained weak at -10%, slightly better than -11.4% in June, but analysts had expected +12.1%.

This release surprised the market after a release from the Ifo institute had suggested on Monday that German industrial firms expect production to increase slightly in the coming months.

On the other hand, Chinese numbers surpassed expectations, with exports rising 11.6%, up from 10.4% previously, while imports declined by 0.5%, down from 1.6% in the last report. 

The US markets will remain closed today as America is celebrating the Labor Day holiday, meaning liquidity will be minimal. 

Equity futures continued in their decline, and EU bourses are expected to open half a percent weaker, while US futures are down as well. The Nasdaq 100 index is about 1.5% weaker, the SP500 index is down 0.5%, and the Dow was seen 0.15% lower ahead of the London opening bell. 

In the FX, the greenback was slightly higher against other major peers. The EURUSD pair was seen drifting toward the 1.18 mark again, while commodity-linked currencies were down the most. 
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