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ETX Capital Daily Market Bite, 2nd July, 2013; European Markets Trade Lower; Data Awaited
July 2, 2013 8:12 amVideo
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July 2nd, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
Financial markets are pulling-back Tuesday after registering strong gains in the previous session, driven by a pick-up in manufacturing data out of Europe and the US. Despite the poor manufacturing reports out of Asia on Monday [which pressured prices in the Asian session overnight; activity in June contracted across Taiwan, Australia, South Korea and Vietnam] sentiment improved on Monday as investors took heart in the brighter reports out of the US and Europe. The euro zone periphery’s improvement in manufacturing was a welcome surprise with Spanish and Italian manufacturing both picking up solid momentum.
This morning, Spanish unemployment fell for the fourth consecutive month, with benefits falling 2.6%, another sign that the country’s economy is progressing the right direction although economic conditions on the whole do remain fragile. The Spanish 10-year bond yield inched lower following the jobs report, off around 4 basis points at 4.56%. The euro is steady against the dollar while core government bonds [UK gilts and German bunds] are broadly flat. European indices may be on the back foot this morning but US stock futures are indicating a firmer open with the DOW up around 41 points and the S&P500 up around 4.8 points.
There’s little else on the economic agenda in Tuesday’s session with UK construction data and euro zone PPI reports only worth noting while in the US, we have industrial new orders. Attention is turning to the heavy slew of economic data out later this week which is prompting caution amongst traders; on Wednesday, we have PI services from the UK, euro zone and US together with euro zone retail sales and the US ADP jobs report. Thursday sees both BOE and ECB policy meetings-the first BOE meeting with new Governor Mark Carney on board while Friday sees the release of the monthly US nonfarm payrolls report.
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