China data sees markets open on back foot

Morning Report: 08.15 London

• Markets have opened the new week softer after Chinese manufacturing PMI came in below estimates. In addition, French manufacturing PMI disappointed, while German PMI was mixed. The S&P 500 futures opened down with heavy selling, but have since recovered the bulk of those losses.
 

• The commodity heavy Australian dollar is feeling the heat, with the AUD/JPY down 0.43% and the AUD/USD down 0.16%.

• The yen pairs are generally heading lower after Japanese companies signalled darker times ahead.

Coming up today:

• Coming up today, we have European Flash manufacturing PMI at 09.00.

• Following this we have US Empire state manufacturing, along with with US Empire State manufacturing and revised non farm productivity.

• ECB president Draghi speaks at 14.00.

• Also from 14.00, we have a number of middle tier US economic data points, including flash manufacturing PMI, Capacity utilisation and industrial production.

Trade Idea:

• The AUD/USD down trend has taken a pause, but there could be more downside to come.

This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice. 

Summary: