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Prior 56.2Manufacturing PMI 44.6 vs 46.0 expectedPrior 45.8Composite PMI 53.3 vs 53.5 expectedPrior 54.1The contrast between the services and manufacturing readings were already outlined earlier by the French and German reports. Despite the divergence in fortunes, the...
This is one of the more hawkish calls as the firm sees the ECB raising interest rates by 25 bps in June, July and then September. For some context, money markets are just pricing in a peak of 3.70% at the moment when it comes to ECB rates. That is just under two more...
Prior 44.5Services PMI 57.8 vs 55.3 expectedPrior 56.0Composite PMI 54.3 vs 53.5 expectedPrior 54.2Once again, it's another heavily contrasting report in Germany as manufacturing conditions deteriorate further but that is offset by stronger activity in the services...
As stocks are losing a bit of ground to start the session, the dollar is finding a decent footing now. Looking to the antipodeans, AUD/USD is down 0.3% to 0.6635 with NZD/USD down 0.2% to 0.6270 on the day as the narrow ranges from earlier start to stretch...
Prior 54.6Manufacturing PMI 46.1 vs 46.0 expectedPrior 45.6Composite PMI 51.4 vs 52.0 expectedPrior 52.4The readings are slightly softer than estimated but still points to growth in the French economy in May, albeit at a slower pace. The headline reading is a...
Eurostoxx -0.2%Germany DAX -0.3%France CAC 40 -0.3%UK FTSE -0.2%Spain IBEX -0.2%The DAX continues a bit of a retreat after having briefly hit fresh record highs last week, with the market mood keeping on edge in the past few sessions. S&P 500 futures were higher...
For the most part, we are holding more or less the same in the major currencies space with exception to a decline in the yen. USD/JPY has now worked its way back above 138.00 as buyers keep poised in search of a push towards 140.00 next. That comes as Treasury yields...
There is just one to take note of for the day, as highlighted in bold.That being for USD/CHF at 0.8975, which sits in between both the 100 and 200-hour moving averages at 0.8998 and 0.8973 respectively at the moment. That could see price action be more cornered in...
It is no surprise to see Russia talk up their deepening ties with China as both countries have not been shy to reaffirm their support for one another in recent times. For some context, Russia's trade turnover with China increased by almost a third - nearing $190...
Japanese stocks have gone parabolic since a week ago, as investor optimism returned and that saw the Nikkei break out to its highest levels since 1990 last week. There was talk of foreign investors coming in big time, amid a change in heart on the outlook of the...
Major currencies are not hinting at much today, with narrow ranges prevailing so far. All eyes remain on the dollar with EUR/USD still unable to make up its mind on a downside break below 1.0800. Meanwhile, USD/JPY did bounce strongly back above 138.00 yesterday and...
09:00 US Eastern time / 1300 GMT: Federal Reserve Bank of Dallas President Lorrie Logan gives welcome remarks before the Technology-Enabled Disruption Conference: Uncertainty and Prospects for Disruptive Investments conference hosted by the Federal Reserve Bank of...
0915 GMT / 05:15 US Eastern time will see Bank of England Governor Andrew Bailey, Chief Economist Huw Pill and Monetary Policy Committee members Catherine Mann and Silvana Tenreyro questioned in front of the UK parliament's Treasury Committee about the central bank's...
> US debt limit talks have finished for Monday, no further comments from the negotiators <!--> --> <!--> --> The leaders' meeting finished a few hours ago, ICYMI:Staff-level talks commenced soon after. These have finished up for the evening. No...
0715 GMT / 03:15 US Eastern time: Keynote address by Vice-President of the European Central Bank Luis de Guindos at 3rd Annual European Financial Integration Conference "What is the state of Eurozone financial integration in 2023?" 1730 GMT / 13:30 US Eastern time:...
Asian markets spent another session fretting over US debt limit talks and developments. In the thin ‘twilight zone’ between US regular trading hours close and Japan’s open US President Biden and House Speaker McCarthy once again held talks. Comments from Biden and...
On Monday the U.S. Energy Department cancelled a $200 million grant for lithium battery company Microvast HoldingsNews report citing an unnamed "source familiar with the matter".Republican lawmakers cited concerns over the firm's alleged links to China's government...
Earlier post on this is here:In that poist there is a link to an unfortunately gated report from the UK Times. However, the BBC has an ungated report that covers much ground here:evidence indicates that in October 2008, central banks including the Bank of England, the...
An early Friday funny from the Chinese Communist Party's tabloid Global Times, blaming the weak yuan on anything and everything except faltering performance in the Chinese economy. Its hard to know where to start with this laughable piece. If you want a chuckle, here...
A snippet from UBS on their concerns over US equity pricing. Analysts at the bank say they don't think the likelihood of tighter credit conditions and lower growth is adequately reflected in US equity market pricing todayUBS instead advise investors to get into high...