August 23, 2012
- in Uncategorized by schooloftrade
Reaction from China Manufacturing Reports, Jobless Claims, Natty-Gas
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News from Europe this morning:
– China HSBC Manufacturing PMI hits 9 month low, 47.8 down from 49.5 in July (think Crude Oil and Commodity Demand)
– FOMC minutes surprised by being even more dovish than expected: Monetary accommodation warranted fairly soon.
– Major European advanced PMI Manufacturing data beat expectations but remain in contraction territory
– FOMC minutes surprised by being even more dovish than expected: Monetary accommodation warranted fairly soon.
– Major European advanced PMI Manufacturing data beat expectations but remain in contraction territory
– European equity indices opened broadly higher, as European traders initially reacted to the US Fed FOMC minutes. However, markets have since pared gains amid the rise in Spanish bond yield and as dealers reassess the comments out of the Fed against some of the data releases which have shown improvements (such as July industrial production, retail sales).
In terms of the European advance manufacturing PMI data, the German and French data improved m/m and beat analyst expectations. Conversely, China’s manufacturing PMI for Aug declined and continued to show contraction (export orders index hit lows not seen since March 2009), raising concerns that China’s economic rebound could be delayed and that the government’s 2012 growth target (7.5%) may not be met. Various Chinese officials have said that the 2012 growth target will be met as they expect growth to rebound in H2. China’s H1 growth was approx 7.8%. European banks are trading mixed. Outperformers in the sector include Italian and French banks, while Spanish financials have lagged. Most resource related firms are trading higher, as comments out of the US Fed led to a rally in commodity prices.
In terms of the European advance manufacturing PMI data, the German and French data improved m/m and beat analyst expectations. Conversely, China’s manufacturing PMI for Aug declined and continued to show contraction (export orders index hit lows not seen since March 2009), raising concerns that China’s economic rebound could be delayed and that the government’s 2012 growth target (7.5%) may not be met. Various Chinese officials have said that the 2012 growth target will be met as they expect growth to rebound in H2. China’s H1 growth was approx 7.8%. European banks are trading mixed. Outperformers in the sector include Italian and French banks, while Spanish financials have lagged. Most resource related firms are trading higher, as comments out of the US Fed led to a rally in commodity prices.
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