Good Morning Traders! This Tuesday brings us PMI across the Euro-Area.
Here is what to expect.
Sentiment
Concerns about whether a key driver of the economic recovery this year is losing steam are increased by a private assessment of China's services industry, which showed activity expanding at the weakest rate this year in August.
According to noteholders, Chinese developer Country Garden informed creditors that it had paid two dollar bond coupons within grace periods, preventing what would have been its first default.
Amidst persistent rumours that the central bank will begin normalising its ultra-loose monetary policy, Japan's 10-year paper auction attracts a lower-than-anticipated cutoff price. The cut-off price is 97.53 instead of the traders' predicted 97.61.
Following an increase brought on by supply curbs from OPEC+ that have compressed the market, oil traded close to its highest level this year.
As the nation's confidence collapse deepens, China is no longer expected to overtake the US as the largest economy anytime soon, and it may never regularly overtake the US to claim the top spot.
Docket
03:55 AM ET
German Composite PMI Final
Median Forecast 44.7 | Prior 44.7 | Range 47.0/44.6
German Services PMI Final
Median Forecast 47.3 | Prior 47.3 | Range 48.3/47.3
04:30 AM ET
UK Services PMI Final
Median Forecast 48.7 | Prior 48.7 | Range 49.2/48.3
Speakers
03:00 AM ET
ECB's President Lagarde Speaks
04:30 AM ET
ECB's Visco Speaks
08:30 AM ET
ECB's Schnabel Speaks
Good Luck Today Traders!
