Buoyant moods after the delay of US tariffs did not last long – equity indices sink on Wednesday after the data showed the German economy contracted in the second quarter and both US and US 2/10 bond spreads inverted (US for the first time since 2007) sparking recession concerns. The sell-off is led by ITA40 (-2.6%), followed by W20 (-2.5%), RUS50, DE30 (both -2.4%) and FRA40 (-2.1%). Silver prices increase again while yen is the biggest winner on the fx front.
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