European stock exchanges await Powell's speech at Jackson Hole

The concerns about the health of the US economy have returned after the PMI data on services and manufacturing. The fear, above all, is due to the situation of the industry, which has entered into recession for the first time since 2009. Analysts say that these reports are not cause for alarm, but they do highlight that some aspects of the economy American "are soft."

Likewise, the focus is also on the annual G-7 summit that begins this Saturday in France, which will bring together the leaders of Great Britain, Canada, France, Germany, Italy, Japan and the United States. It is expected to end without a joint statement for the first time in its 44-year history due to the deep divisions that exist between heads of state.

Brexit will also occupy a prominent place on the agenda this Friday, after British Prime Minister Boris Johnson has met with German Chancellor Angela Merkel and French President Emmanuel Macron to try to convince them to renegotiate the Agreement Withdrawal Analysts, however, believe that the strategy of the PM is wrong, since it is just a waste of time. As they point out, who Johnson should convince is Ireland, to lower their demands on the safeguard and that allows closer positions between the United Kingdom and the EU.

Above all, because despite the fact that Merkel offered the British a period of 30 days to present alternatives to the Irish safeguard clause, Macron was blunt with that matter and said that it was an "indispensable" measure and that, therefore, Brussels would not give up on her.

Also, in Italy the uncertainty will remain a few more days. The Italian president, Sergio Mattarella, has agreed to give the parties more time (until Tuesday) to negotiate a possible alternative government to avoid calling new elections. The rapprochement between the Democratic Party and the 5 Star Movement can take the country out of the crisis.

Waiting for what happens in Jackson Hole, the Asian exchanges have ended this Friday with moderate earnings, given the intensification of tensions between Japan and South Korea. And it is that Seoul has canceled an intelligence exchange pact with Tokyo over a commercial dispute. As they say from CMC Markets, "issues like these would have a negative impact on actions, but Powell's pre-speech optimism is global."

On the macroeconomic level, the data on the sale of new homes in the US stand out, and in the business, Deutsche Bank, which is news after the SEC has fined it $16m after breaking the country's corruption laws.