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Eurostoxx futures -0.8% in early European trading

It is setting up to be a rough start to the week for stocks

  • German DAX futures -0.8%
  • UK FTSE futures -1.1%
  • Spanish IBEX futures -0.8%
The softer mood is also reflected in US futures, which are down by ~0.6% currently. Asian equities aren’t faring much better either, with the Hang Seng down by 1.6% as HSBC shares hit their lowest level since 1995 today.
Despite the more defensive risk sentiment, the dollar is on the back foot to start the day with USD/JPY hovering just above its 31 July low @ 104.19.
That will be a key spot to watch in case the level gives way and triggers more downside momentum across other yen pairs as well today, should the current risk mood keep up.

German health minister says virus infection dynamic in Europe is worrying

Comments by German health minister, Jens Spahn

Virus
  • Virus cases in France, Netherlands, Austria is worrying
  • Situation in Germany is also similar
  • But German health minister can cope with current cases
The virus situation across the European region is still something to take note of as we look towards the latter stages of the year, in case it starts to limit or put a lid on the pace of the economic recovery.
And in the event things get worse, any reintroduction of restrictions will also play a role in further impacting economic conditions in the region.
Germany reported 922 new virus cases today, with active cases rising to over ~21,000 now. For some context, the active cases across the country was under ~5,000 in mid-July.

‘Essential Qualities of the Speculator’ and ‘Laws Absolute”

1. Self-Reliance. A man must think for himself,
must follow his own convictions. George
MacDonald says: “A man cannot have another
man’s ideas any more than he can another
man’s soul or another man’s body.” Self-trust
is the foundation of successful effort.

2. Judgment. That equipoise, that nice
adjustment of the faculties one to the other,
which is called good judgment, is an essential
to the speculator.

3. Courage. That is, confidence to act on the
decisions of the mind. In speculation there is
value in Mirabeau’s dictum: “Be bold, still be
bold; always be bold.”

4. Prudence. The power of measuring the
danger, together with a certain alertness and
watchfulness, is very important. There should be
a balance of these two, Prudence and Courage;
Prudence in contemplation, Courage in execution.
Lord Bacon says: “In meditation all dangers
should be seen; in execution one, unless very formidable.”
Connected with these qualities,
properly an outgrowth of them, is a third, viz:
promptness. The mind convinced, the act should
follow. In the words of Macbeth; “Henceforth the
very firstlings of my heart shall be the firstlings
of my hand.” Think, act, promptly.

5. Pliability. The ability to change an opinion,
the power of revision. “He who observes,”
says Emerson, “and observes again, is always
formidable.”

The qualifications named are necessary to the
makeup of a speculator, but they must be in well-balanced
combination. A deficiency or an overplus of one
quality will destroy the effectiveness of all. The possession
of such faculties, in a proper adjustment is, of
course, uncommon. In speculation, as in life, few succeed,
many fail.

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