Robust US growth boosts reflation trade | MarketTalk: What’s up today? | Swissquote

Yesterday was could’ve been worse. A more than 6% drop in Nvidia somehow limited the S&P500 gains, but many stocks in the S&P500 gained yesterday after the latest GDP update came in better than expected and pointed that the US economy has grown 3% in the Q2 versus 2.8% printed earlier, while core prices eased more than expected. The US dollar rebounded, and growth, reflation friendly stocks did well. Among them, the Stoxx 600 came close to a record. The euro weakened on the back of soft German and Spanish inflation update. In Japan, a mixed bag of data helped the USDJPY stabilize near 145 level. Today, the US will release the latest core PCE index, the Fed’s favourite gauge of inflation. The data is expected to hint at a tiny rebound in July. A stronger-than-expected read could lead to a further USD recovery. But even in that case, the Fed doves are more interested in jobs data than inflation figures. What would really change the game is… a strong jobs data from the US next week. Listen to find out more!