- European indices open lower
- Weak macro data from China again
- Investors are awaiting European services PMI data and US trade balance data
Weakness in Chinese indicators led to risk off in Europe today, with the Australian Reserve Bank indicating that the future of the Chinese economy remains uncertain. Today’s session will be dominated by inflation readings in the services sector on the macro data side. We will learn about the PMIs for key services from the largest European economies. Previously released services PMI data from China was weaker than expected, while data from Japan remained unchanged.
The most important macroeconomic results for today will of course be the durable goods orders data from the US, and it should be noted that trading on Wall Street was closed yesterday and Chinese indices rose sharply. Markets reopen today in the US, and will likely determine sentiment on Wall Street for the rest of the week. EURUSD, which has lost 0.25% so far, may see higher volatility due to the release of a series of macro data from Europe and the US.
9:15 AM – Spain Services PMI forecast: 51.5 vs. previous -52.8
9:45 AM – Italy Services PMI Forecast: 50.4 vs. 51.5 previously
9:50 AM – France Services PMI forecast: 46.7 vs. 46.7 previously
9:55 am – Services PMI forecast in Germany: 47.3 vs. 47.3 previously
10:00 AM – Eurozone services PMI forecast: 47 vs. 47 previously
10:30 AM – UK Services PMI Forecast: 48.7 vs. 48.7 previously
11:00 AM – Eurozone PPI inflation year-on-year: Forecast: -7.6% vs. -3.4% previously
4:00 pm – Quantity of demand for durable goods in the United States of America: Expectations: 2.3% compared to the previous 2.5%
Speeches by central bank governors
- 2:30pm – Schnabel ECB
- 4:30pm – ECB de Guindos
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