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ETX Capital Daily Market Bite, 4th February, 2013: Subdued Session; Political Risks In Spain Weigh
February 4, 2013 10:29 amVideo
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February 4th, 2013, Daily Market Bite from Ishaq Siddiqi Market Strategist
Soft start for European stock markets this morning, supported by a strong session in Asian markets overnight with major indices in that region rising to some of their best levels in 18 months. China’s non-manufacturing PMIs over the weekend ticked to its highest level in 5 months, signalling ongoing growth despite the mild moderation in manufacturing activity announced last week by the country. US payrolls released on Friday have helped to maintain healthy risk appetite across global markets with the headline figures broadly in line with expectations but upward revisions for prior months. The unemployment rate ticked up slightly too but that only went on to comfort investors that the Fed has little choice but to keep the liquidity door wide open. Euro zone data hasn’t been too bad last week with PMI manufacturing indicating a recovery. That said, European banks paid less back to the ECB under the LTRO, refuelling worries about the health of the region’s banking sector. Much of the focus this week will be on policy meetings from the ECB and BOE – particularly on the ECB’s LTRO repayments and the state of the euro zone economy in the months ahead. The BOE’s meeting will also be under sharp attention following the run of weak UK economic data, especially the poor 4Q GDP. Today’s macro agenda is on the lighter side with most of the focus now on Spanish unemployment data, UK PMI construction and euro zone PPI.
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