Euro area November final services, composite PMI readings are up today
Good day, everyone! Hope you're all doing well as we look to get things going in the session ahead. It's been a lighter start to proceedings with slight aussie weakness being the main story thus far - owing to another soft GDP report in Q3.
There is some element of caution at play as well with Asian equities weighed lower after the poor performance by Wall St overnight. The yen is also a tad higher with the risk mood still largely affected by pessimism on trade from yesterday.
Looking ahead, that should remain the key driver of markets as we continue to rely on the ebb and flow in driving trading direction this week.
The data calendar in Europe is a bit of a dull one with final PMI readings due but up ahead in North America perhaps there could be more to digest with US ADP employment and ISM non-manufacturing data as well as the Bank of Canada meeting to come.
0815 GMT - Spain November services, composite PMI
0845 GMT - Italy November services, composite PMI
0850 GMT - France November final services, composite PMI
0855 GMT - Germany November final services, composite PMI
0900 GMT - Eurozone November final services, composite PMI
The focus here is on the figures for France, Germany and the overall Eurozone. As these are final readings though, don't expect much of a reaction in markets unless the figures heavily deviate from initial estimates. Otherwise, it should just reaffirm the continued sluggishness seen in the euro area economy as a whole in Q4.
0930 GMT - UK November final services, composite PMI
The preliminary report can be found here. The final readings here should just reaffirm further weakness in the UK economy in Q4, with expectations of quarterly growth to contract in the final quarter of the year. The fallout in the services sector is particularly worrying and if this keeps up, may just require the BOE to step up from the sidelines to introduce more stimulus in order to aid the economy.
1200 GMT - US MBA mortgage applications w.e. 29 November
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Not the biggest of data points, but a general indicator of the housing sector sentiment.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading!
