Article / 29 September 2017 at 11:34 GMT

Mid-session Europe: Stocks approach end of Q3 near two-month highs

Saxo Markets
  • European stocks end quarter near two-month highs
  • Euro area September CPI misses expectations
  • German September unemployment drops to record-low 5.6%
  • Volkswagen to take extra Q3 charge of €2.5 billion for buy-back of tainted diesel cars

Volkswagen cars
 Volkswagen will take an additional $3 billion charge for 'dieselgate.' Photo: Shutterstock

By the Global Sales Trading Team

  • European equities traded close to two-month highs in the last trading session of the quarter.

  • Euro area September CPI rose 1.5% y/y vs. 1.6% expected.

  • The euro has had a poor week after last weekend's German election. But EURUSD did recover some losses and traded to a 1.1813 high despite weak Eurozone core CPI. 

  • UK final Q2 GDP up 0.3% q/q unrevised, 1.5% y/y vs. 1.7% previously.

  • Germany's September unemployment rate drops to 5.6%, lowest on record. 

  • Volkswagen is said to take additional charge of €2.5 billion in Q3, citing extra complexity in buy-back of tainted diesel cars in North America. The charge brings the total costs of "dieselgate" to over €25 billion. 

Please click on the attached PDF for the Saxo Bank Global Sales Team's overview of the mid-session movements seen in forex, equity, FX option, commodity, and bond markets.

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Mid-session Europe: September 29, 2017


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