Australia's economy grew 2.5% in Q4 2014

Wednesday, March 04, 2015

European equity markets climbed higher this morning, showing signs of an upside correction in the market as the CAC, DAX, IBEX and London equity benchmark index gained between 0.2% and 0.5%. The euro hovered around 1.11 against the USD, remaining under heavy pressure due to ongoing concerns over Eurozone’s economic stability.

EUR remains under pressure at 1.11 against the US dollar 

EURUSD Curncy (EUR-USD X-RATE)   2015-03-04 09-04-03

Standard Chartered reported annual profits of $4.2 billion, missing analysts’ expectations of $5.58 bln. The bank plans final dividend of 52.7 cents against forecasts of 57.2 cents. However, Standard Chartered shares surged higher over 5% in early trade this morning on the London Stock Exchange, suggesting a bullish tone across other UK banks.

Asian equity markets continue their sharp decline as the Nikkei and Hang Seng indices declined sharply by 0.6% and 0.96%, respectively. India’s central bank cut rates by 25bps to 7.5% overnight. Australia’s economy grew 2.5% in Q4 2014, beating expectations.

Hang Seng index plunges near 1% towards 24,450

HSI Index (Hong Kong Hang Seng I 2015-03-04 09-05-58

It is a busy day on the macroeconomic front with the main focus turning to Markit Services PMI data from Eurozone, UK and the US as well as US ADP employment data which could provide an indication ahead of the US non-farm payroll data on Friday. Market participants will be closely watching for any details of the US Federal Reserve Beige Book.  

   

Events for today:

 

0001

UK

Feb

BRC Retail Index

0135

JP

Feb

Services PMI

0145

CN

Feb

HSBC Services PMI

0855

DE

Feb

Markit Services PMI

0900

EZ

Feb

Markit Services PMI

0930

UK

Feb

Markit/CIPS Services PMI

1000

EZ

Jan

Retail Sales

1315

US

Feb

ADP Employment Change

1445

US

Feb

Markit Services PMI

1500

US

Feb

ISM Non-Manufacturing

1530

US

w/e

EIA Energy Stocks

1900

US

Mar

Federal Reserve Beige Book

 

 

All times UK Local Time

 

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