Stocks across Europe were little changed as the market digest Spain’s downbeat Purchasing Managers’ Index (PMI) services reading. Economic reports from the eurozone and the US will be in focus before Thursday’s European Central Bank policy meeting.
The expected reports could give additional clues as to what is the next step the European Central Bank (ECB) would take at its upcoming meeting. The central bank is expected to cut its benchmark interest rate from 0.25% down to 0.15% or 0.10% during the meeting on Thursday, to tackle the tame inflation in the eurozone and the strong euro exchange rate which could weigh on consumer prices.
The European Euro Stoxx 50 slid 0.01% lower to 3,240.81 at the time of writing, while the German DAX eased 0.02% to 9,917.95.
At the same time the French CAC 40 gained 0.02% to 4,504.63, while UK’s benchmark FTSE 100 fell 0.03% lower to 6,834.01.
PMI Services Figures
A string of PMI data’s are expected to be released later in the day, with the Eurozone’s GDP’s first quarter predicted to have expanded at an unchanged pace of 0.09% on an annual basis and 0.2% on a quarterly annualized basis.
France’s PMI services figure is expected to remain unchanged at 49.2% in May, while Italy is forecasted to report a rise in its services PMI to 51.4 in May from 51.1 recorded in the previous month.
Spain’s services PMI dropped to 55.7 in May from 56.5 seen in the previous month and compared to analysts forecast of 56.1.
PMI services for the eurozone as a whole is expected to come in at 53.5 in May, while inflation for the 18-nation euro bloc came in at 0.5% in May, falling from the 0.7% seen in April.
Eurozone’s jobless rate dropped to 11.7% in April, down from the 11.8% recorded in March.
G7 Meeting
The G7 meeting in Brussels will also be another event traders will be focusing on as Russia was not invited to attend the event after Russia’s ongoing tension with Ukraine. Foreign policy, free trade, energy security and Ukraine’s situation are amongst the main topics expected to be discussed at the meeting.
The US President Barack Obama is expected to meet Ukraine’s newly elected President Petro Poroshenko during his visit to Europe.
Stocks – Asia
Asian stocks were mostly seen trading lower on Wednesday as the regional benchmark index fell from its seven-month high.
The Japanese benchmark Nikkei 225 index edged 0.07% higher, trading at 15,045.39 points, while Tokyo’s Topix index gained 0.18% to 1,230.59 points.
Hong Kong’s Hang Seng index fell 0.49% lower at 23,177.27 points at the time of writing, while the Chinese benchmark Shanghai Composite lost 0.37% to 2,030.68 points at the same time.
Deposit $100 get $100 absolutely FREE! Register with HY Markets today.
Stocks – Europe
Stocks across Europe were little changed as the market digest Spain’s downbeat Purchasing Managers’ Index (PMI) services reading. Economic reports from the eurozone and the US will be in focus before Thursday’s European Central Bank policy meeting.
The expected reports could give additional clues as to what is the next step the European Central Bank (ECB) would take at its upcoming meeting. The central bank is expected to cut its benchmark interest rate from 0.25% down to 0.15% or 0.10% during the meeting on Thursday, to tackle the tame inflation in the eurozone and the strong euro exchange rate which could weigh on consumer prices.
The European Euro Stoxx 50 slid 0.01% lower to 3,240.81 at the time of writing, while the German DAX eased 0.02% to 9,917.95.
At the same time the French CAC 40 gained 0.02% to 4,504.63, while UK’s benchmark FTSE 100 fell 0.03% lower to 6,834.01.
PMI Services Figures
A string of PMI data’s are expected to be released later in the day, with the Eurozone’s GDP’s first quarter predicted to have expanded at an unchanged pace of 0.09% on an annual basis and 0.2% on a quarterly annualized basis.
France’s PMI services figure is expected to remain unchanged at 49.2% in May, while Italy is forecasted to report a rise in its services PMI to 51.4 in May from 51.1 recorded in the previous month.
Spain’s services PMI dropped to 55.7 in May from 56.5 seen in the previous month and compared to analysts forecast of 56.1.
PMI services for the eurozone as a whole is expected to come in at 53.5 in May, while inflation for the 18-nation euro bloc came in at 0.5% in May, falling from the 0.7% seen in April.
Eurozone’s jobless rate dropped to 11.7% in April, down from the 11.8% recorded in March.
G7 Meeting
The G7 meeting in Brussels will also be another event traders will be focusing on as Russia was not invited to attend the event after Russia’s ongoing tension with Ukraine. Foreign policy, free trade, energy security and Ukraine’s situation are amongst the main topics expected to be discussed at the meeting.
The US President Barack Obama is expected to meet Ukraine’s newly elected President Petro Poroshenko during his visit to Europe.
Stocks – Asia
Asian stocks were mostly seen trading lower on Wednesday as the regional benchmark index fell from its seven-month high.
The Japanese benchmark Nikkei 225 index edged 0.07% higher, trading at 15,045.39 points, while Tokyo’s Topix index gained 0.18% to 1,230.59 points.
Hong Kong’s Hang Seng index fell 0.49% lower at 23,177.27 points at the time of writing, while the Chinese benchmark Shanghai Composite lost 0.37% to 2,030.68 points at the same time.
Deposit $100 get $100 absolutely FREE! Register with HY Markets today.
http://fb.me/19wnduzNy
The post Stocks Market Report 4th June appeared first on | HY Markets Official blog.
Related Posts: