Tepid Chinese PMI data weigh on market sentiment

Friday, January 03, 2014

Equities on Wall Street extended losses and retreated sharply on Thursday evening, spreading a fairly bearish tone across Asian equity markets. Hang Seng plunged by 522.77 points (-2.24%), as disappointing Chinese PMI data (manufacturing and services) weighed heavily on market sentiment. China’s non-manufacturing PMI was reported at 54.6 in December, compared to 56.0 in Nov. This morning, European equity markets have been fairly mixed, consolidating within the recent range.

UK Nationwide house prices jumped by 1.4% in December, showing an 8.4% rise y/y, beating analysts’ expectations. The housing data shows the UK housing sector has remained fairly strong in the last few months as high prices dominate the market.

Brent climbed above $108 per barrel, although expectations for an increase in crude oil supplies in Libya and speculation of a build-up in crude oil stocks in the US capped gains. The release of the weekly EIA oil inventories report will be this afternoon.

China Non-manufacturing PMI

Chinese Pmi  

  

UK Nationwide House Prices

UK House Prices

Events for today 

0700

UK

Dec

Nationwide house prices

0930

UK

Nov

BoE Consumer Credit

1445

US

Dec

ISM NY manufacturing

1530

US

w/e

EIA oil inventories

 

All times UK Local Time

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