European trading news
- Will the Fed cut this month? (gold bulls ask)
- US September job cuts-24.8% vs 39% prior
- UK PM Johnson: Asked in Parliament for a vote on the UK's proposals
- Brexit: UK PM Johnson says these proposals don't deliver everything
- President Trump: US won a $7.5 bin award from the WTO
- UK Brexit Secretary Barclay: focused on getting a deal
- Scotch Whisky Association: US tariffs set to hit Scotland hard
- Eurozone August retail sales 0.3% vs 0.3% m/m expected
- Eurozone August producer prices -0.5% vs -0.3%m/m expected
- European service PMI's confirm poor manufacturing contagion
- UK September Services PMI 49.5 vs 50.3 expected
- WTO: Special dispute settlement on Oct 14
- Eurozone September Services PMI 51.6 vs 52.0 expected
- German September Services PMI 51.4 vs 52.5 expected
- France September Services PMI 51.1vs 51.6 expected
- Brexit: DUP deputy leader Dodd: PM's proposal is massive improvement
- Brexit: Irish Junior finance minister: UK proposals are basis for discussion...
- Stocks will eye US factory orders and ISM non-manufacturing nervously
- Fed's Evans: Asked about disappointing ISM manufacturing print
- European session trade ideas - October 03
- European futures point to more pain for stocks
- UK Civil Aviation Authority: 25 flights scheduled today
- US Oil in focus: Sitting at 52.00 handle at key daily support
- Currencies in focus: Yen the strongest against the USD and CAD the weakest
Markets
- UK FTSE: -0.66%
- Euro Stoxx: +0.22%
- France 40 (CAC): +0.37%
- IBEX:+0.22%
- Italian FTSE: +0.17%
- Gold: +0.36% 1504.90
- US OIL: -0.47%
The session started quietly after heavy selling in the Nikkei (<-2.00%) overnight following Wall St's lead. The morning European session saw European service PMI's released. The concern recently has been whether or not the weak construction PMI's from Europe would spill over into the Service PMI's. Today, we got our answer that, 'yes, they have'. See here for a run down on the various weak PMI readings we got.
Gold was supported on this news and although the European indices were mixed, there were few significant equity moves save the FTSE 100 which reached lows of 7073 for the day. You guessed it, on Brexit concerns.
Speaking of Brexit there is now a stalemate as both the EU and the UK don't want to be seen as the ones that scrap the chances of a deal.The GBPUSD bobbed around the 1.2300 in a fairly narrow range waiting for a fresh driver, which it will undoubtedly find in the ebb and flow of the latest Brexit headlines. UK PM asked in Parliament for a vote on the UK's proposals to the EU before the European Summit on 17-18th October, as having backing for the deal before going to the EU would be more powerful. PM Johnson said he would reflect on the suggestion.
US Oil stayed depressed near yesterday's lows as a slow down in global growth impacts the outlook for demand which is why we have seen Oil plummet in the last couple of days. The US data prints today will be closely viewed in light of recent events and expect any negative prints to encourage traders to continue in the same direction as yesterday. Gold up, bonds up, (yields down), USD down and oil down. It's the old black and yellow trading I flagged with today's song from the trade idea section.
