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

Stocks Soft On Mixed Service PMI Reports

Published 2017-06-05, 09:20 a/m
Updated 2023-07-09, 06:32 a/m

It has been a sluggish start to the week for stocks around the world. The Dax and a number of continental markets are closed for a holiday. US index futures and the Nikkei are down slightly while the FTSE is down 0.3%. The main economic news overnight has been Service PMI reports‎ which were better than expected for China and Japan but softer than expected in the UK.

In currency markets, the spotlight is on sterling with the UK election on Thursday. Campaigning resumes today after being suspended following the tragic terrorist attack on London Saturday night. GBP is up today after four polls came out Sunday giving the Conservatives leads of 12, 11, 4 and 1 percentage points (7 point lead on average).

Gold is hanging on to Friday's gains while the yen has dropped back a bit and CAD is up slightly. USD is mixed as traders continue to react to last Friday's nonfarm payrolls report. Fed speculation continues with US non-manufacturing PMI out today. Last week's FOMC member comments pointed to a June hike but things look more uncertain after that.

Crude oil remains under pressure despite reports that Egypt, Saudi Arabia and other allies have moved to isolate Qatar over its relationship with Iran. Trading action suggests that so far markets see this as more of a diplomatic tiff so far that likely won’t impact a global energy market that currently is well supplied.

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.