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Stocks are seeing positive momentum after this mornings better than expected economic data. The UK reported higher growth numbers and softer housing prices, a net positive for inflation. And the Swiss KOF leading indicator also came stronger than estimated, pointing to a better growth outlook in the region. 

US core durable goods order print came at 0.3% versus 0.2% expected, suggesting the US economy remained relatively strong during the month of July. US second-quarter GDP, and weekly jobless claims, tomorrow, should prove a greater significance. On a technical picture, the near-term trend for the S&P 500 is still bearish, but the level of around 4'100 could act as daily support, although it could be briefly violated by a small amount.  

Stocks are making an attempt to consolidate after the last session's steep losses. Better than expected PMI numbers in Germany and the eurozone are reassuring investors that the European economy is still holding up despite multiple pressures from different macro factors. Nevertheless, the sentiment in markets could remain cautious until uncertainties regarding how Jerome Powell will address the markets in Jackson Hole fade. 

Stocks are trading mixed while Treasuries are sliding following US ISM non-manufacturing and JOLTs data. The report showed that despite all the growth worries, the US economy (service and employment) was still quite resilient to inflationary shocks in June, but slowing down. It’s all consistent with a downshifting in the pace of growth, but for now, there isn’t much evidence that things are falling off a cliff.

Growth in US private-sector activity slowed significantly in June, and came in at a flash estimate of 51.2 - a five-month low -, after 53.6 for May. This is the second weakest growth in activity since July 2020, with weaker service sector output growth accompanied by the first contraction in manufacturing output in two years. Equities are paring early gains and yields on the 10-year Treasuries are dropping.