Global equities dropped, however, the major U.S. indexes – S&P500 and Nasdaq100 – advanced. The U.S, the U.K, and the Euro-Zone will see services PMI data today.
Wall Street Deals Complicated Results, Traders Prove Nervous
Wall Street saw pressure develop early on Friday but then was able to pair losses and eventually gain. President Trump ignites trade war concerns, and investors did show they are rather nervous in these turbulent market conditions. While the S&P and the NASDAQ did manage to gain, the Dow Jones Industrials futures lost 0.33% of its value. A Non-Manufacturing PMI and Services PMI readings will be seen in the U.S today.
China Plans Prudent Economy Policy
China plans to improve its financial supervision, increase coordination of monetary policy, and monitor economic indicator releases, seeking for accuracy in its actual readings. Asian equity markets have had mixed performances: the Shanghai Composite Index advanced, while the Nikke225 declined. The Yen has been stronger over the weekend.
Pound Struggles to Find Support, Brexit Implications Key Factor
Uncertainty around Brexit remains as U.K. Prime Minister May said in her Fridays’ speech that, quote “A lot depends on how the EU responds,” and, quote, “It’s about whether we have some form of partnership so that we have frictionless trade at our borders.” The Pound which had tested important support struggles to stay above water. Services PMI data will come from the U.K and Euro-Zone today, investors will pay attention to the Italian Parliamentary Election results and will continue to monitor Brexit political implications.
Gold Rallies on Global Trade War Concerns
Gold was able to find support above the 1,300 mark and is near 1,320.00 U.S Dollars an ounce as Trump ignites Global Trade War concerns.
Services Data from States, Euro-Zone and U.K Coming Today
A Non-Manufacturing Purchasing Managers Index reading will come from the States at 15:00 GMT and get plenty of looks from investors.
- 09:00 AM GMT, E.U. Euro-Zone Market Services PMI
- 09:30 AM GMT, U.K. Market Services PMI
- 14:45 PM GMT, U.S. Market Services PMI
- 15:00 PM GMT, U.S. ISM Non-Manufacturing PMI
Yaron Mazor is a senior analyst at SuperTraderTV.
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