Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Big Pharma Earnings And PMI Reports In Focus As Europe Returns To Trade

Published 2017-05-03, 10:11 a/m
Updated 2023-07-09, 06:32 a/m

UK and European traders have returned from their long weekend in a relatively good mood with indices climbing. Athens is leading the way with a 3.0% gain after the government reached a technical deal with the EU on reforms to unlock more bailout funds. The FTSE is up 0.4% boosted by stronger than expected UK manufacturing PMI while continental countries were in line with expectations.

In North America, today, the focus is back on earnings while macro traders await tomorrow’s FOMC statement.

Results continue to come in positive led by big drug companies. Pfizer and Merck (NYSE:MRK) both beat the street while Merck also raised guidance. Big energy results were mixed with EnCana posting huge numbers while ConocoPhillips (NYSE:COP) posted a surprise loss. Cummins (NYSE:CMI) and MasterCard continued runs of strong reports from Financials and Industrials. Apple (NASDAQ:AAPL) results are due after the close today which could mark a turning point for the NASDAQ. Dow and S&P futures are steady indicating.

In currency trading, gold has stabilized at a lower level, digesting yesterday’s selloff. GBP and EUR are both up slightly. CAD is bouncing back a bit with crude oil rebounding. Yesterday’s slide on the return of Libya’s biggest oil field to production appears to have quickly run its course. Energy traders’ focus has shifted back to this month’s OPEC meeting and the potential for production cuts to be extended. Meanwhile, reports indicate Russia is close to reaching its production cut targets and apparently is open to talking about an extension.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.