- Markets are having difficulties to read the Purchasing Managers Index numbers from Europe. France saw an uptick in its Services PMIs driven by the Olympic Games taking place, while Germany saw its Services PMIs come in below expectations. The German Manufacturing component even fell further into contraction, which is bad news for Europe’s main economy.
- At 12:30 GMT, the weekly US Jobless Claims are due:
- Initial Jobless Claims are expected to rise to 230,000 from 227,000.
- Continuing Claims stood at 1.864 million last week. No forecast available.
- At 13:45 GMT, S&P Global will release the US preliminary PMIs for August:
- The Services index is expected to remain quite stable, falling to 54 from 55 a month earlier.
- The Manufacturing index is not expected to move, remaining in contraction territory at 49.6.
- The Composite index is seen declining to 53.5 from 54.3.
- At 14:00 GMT, Existing Home Sales are due to come out. Seeing the recent sharp decline in mortgage applications from the Mortgage Bankers Association data released Wednesday, a decline in Existing Home Sales for July is expected as well. Sales fell by 5.4% the previous month.
- The Kansas Fed Manufacturing Activity tracker for August will be released at 15:00 GMT. The previous print was -12.
- Asian equity markets are in the green across the board in anticipation that rate cuts from the Fed are now unavoidable. US futures are lagging, though, by trading rather flat.
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