European equity markets slid lower due to some profit taking

Thursday, January 02, 2014

China’s HSBC Manufacturing PMI remained unchanged at 50.5 in December. Asian equity markets rebounded from earlier losses, showing modest gains on Thursday. Hang Seng rose by 33.66 points (+0.14%). European equity markets slid lower this morning, due to some profit taking. CAC, DAX and London have been trading between 0.15% and 0.5% lower. The euro has been under some pressure but managed to hold above the 1.37 against the US dollar.

Energy: Brent extended gains in early trading on Thursday, starting the New Year on a positive note. Brent futures have climbed above $111 per barrel, while WTI has also extended gains, eyeing the $99 per barrel level. In the meantime, the current conditions in Libya remain quite tentative. According to Thomson Reuters, strikes at major Libyan ports and oilfields drying up oil exports undermine the country’s ability to pay public salaries and possibly deter foreign investment, Libya’s labour minister said yesterday.

In auto industry, Fiat will acquire the remaining 41.5% of Chrysler. Fiat’s share jumped by 16% in early trading, following the announcement that the Italian carmaker will gain full control of the Chrysler Group.  

Brent - Daily chart

CO1 Brent 0201

 

Events for today:

 

0200

CN

Dec

HSBC Manufacturing PMI

0855

DE

Dec

Manufacturing PMI

0900

EZ

Dec

Manufacturing PMI

0930

UK

Dec

Manufacturing PMI

1330

US

w/e

Jobless Claims

1500

US

Dec

ISM Manufacturing

1500

US

Nov

Construction Spending

1600

US

w/e

EIA Energy Stocks

 

All times UK Local Time

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Topics: China, Energy, PMI, Brent, WTI, EUR
More from: Myrto Sokou