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Market Drivers – European Session 23/8/2022

A total of 33 cargo ships loaded with 719,549 tons of food have left Ukraine under the deal brokered by the United Nations and Turkey to open Ukrainian seaports, Ukraine’s agriculture ministry said on Tuesday.

The Joint Coordination Center in Turkey, which monitors the agreement’s implementation, estimated the total amount of grain and foodstuffs exported from three Ukrainian ports on the Black Sea since the agreement reached 721,449 tons.

The Eurozone Manufacturing PMI fell from 49.8 points in July to 49.7 points in August, missing expectations of 49 points.

The Eurozone Services PMI fell from 51.2 points in July to 50.2 points in August, missing expectations of 50.5 points.

Business activity in the eurozone contracted for the second month in a row in August after the cost-of-living crisis forced consumers to cut spending, while supply constraints hit manufacturers.

Wall Street’s main indexes fell slightly at the open on Tuesday after heavy selling in the previous session on concerns stemming from sharp signals from the US Federal Reserve to raise interest rates while awaiting data from the manufacturing and services sectors.

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