All eyes are on manufacturing PMI data

Wednesday, April 01, 2015

Japan’s Manufacturing PMI fell slightly to 50.3 in March from 50.4 in February, while the Tankan Large manufacturing index remained unchanged at 12 missing analysts’ expectations of 14. The Nikkei Index retreated sharply over 170 points (-0.90%) towards 19,030 following the recent tepid manufacturing data.

China’s manufacturing PMI increased just above the key level of 50.0, at 50.1 in March compared to 49.9 in February and beat analysts’ expectations of 49.7. However, HSBC China’s manufacturing was reported at 49.6 in March from 49.2 in February. The Hang Seng index edged higher and gained above 25,020 (+0.50%).

The euro remained under pressure hovering around 1.0750 against the US dollar in early trade this morning. The recent euro weakness has continued for 10 consecutive days, hitting a recent low at 1.0710 and weighing on market sentiment across the European equity markets. Uncertainty continues to dominate the markets as current conditions have deteriorated regarding the Greek debt issues. Investors remain cautious amid ongoing concerns surrounding the Greek situation while Eurogroup representatives are due to meet again today in Brussels.  European equity markets were mixed this morning ahead of key manufacturing PMI data from Eurozone.

EURUSD hit a 10-day low at 1.0710

EURUSD Curncy (EUR-USD X-RATE)   2015-04-01 08-47-14

Crude oil prices extended declines this morning ahead of the release of DOE oil inventories. WTI front month futures retreated towards $47 per barrel. Gold rebounded towards $1190/ounce and silver remained under pressure hovering around $16.50.      

WTI front month futures slid lower towards $47/barrel

CLK5 Comdty (WTI CRUDE FUTURE  M 2015-04-01 08-48-25

   

Events for today: 

 

0135

JP

Mar

Manufacturing PMI

0145

CN

Mar

HSBC Manufacturing PMI

0145

CN

Mar

Manufacturing PMI

0855

DE

Mar

Markit Manufacturing PMI

0900

EZ

Mar

Markit Manufacturing PMI

0930

UK

Mar

Markit Manufacturing PMI

1315

US

Mar

ADP Employment Change

1445

US

Mar

Markit Manufacturing PMI

1500

US

Mar

ISM Manufacturing

1500

US

Feb

Construction Spending

1530

US

w/e

EIA Energy Stocks

 

All times UK Local Time

More from: Myrto Sokou