Good Morning Traders! This Tuesday we get a slew of PMI data for Europe, spread across the session.
Here is what to expect from the day.
Sentiment
After yet another round of negotiations, President Joe Biden and House Speaker Kevin McCarthy were unable to reach a consensus on raising the debt ceiling. Nevertheless, they praised their discussions as fruitful and vowed to continue talking in order to prevent a disastrous US default.
Treasury Secretary Janet Yellen reiterated her warning that the situation might arise as early as June 1 by stating that it is now "highly likely" that her department will run out of cash in early June.
Days after Chair Jerome Powell indicated a pause in raising interest rates in June, two Federal Reserve hawks saw the need to do so this year, while two other members advocated for patience.
According to Governing Council member Pablo Hernandez de Cos, the European Central Bank still has a ways to go before raising borrowing costs, which should stay high for a considerable amount of time to keep inflation under control.
Oil prices increased as a result of US authorities, notably President Joe Biden, taking a generally hopeful stance on resolving the debt-limit deadlock and encouraging risk taking.
Docket
03:15 AM ET
French Mfg PMI Flash
Median Forecast 46.0 | Prior 45.6 | Range 47.0/45.0
03:30 AM ET
German Composite PMI Flash
Median Forecast 53.4 | Prior 54.2 | Range 55.0/52.4
German Mfg PMI Flash
Median Forecast 45.0| Prior 44.5 | Range 46.0/44.0
German Services PMI Flash
Median Forecast 55.0 | Prior 56.0 | Range 56.5/53.5
04:00 AM ET
Eurozone Mfg PMI Flash
Median Forecast 46.0 | Prior 45.8 | Range 47.5/45.2
04:30 AM ET
UK Composite PMI Flash
Median Forecast 54.6 | Prior 54.9 | Range 55.0/53.4
UK Mfg PMI Flash
Median Forecast 48.0| Prior 47.8 | Range 50.5/47.0
UK Services PMI Flash
Median Forecast 55.3 | Prior 55.9 | Range 56.5/53.0
Speakers
03:15 AM ET
Ecb's de Guindos Speaks
ECB's Jochnik Speaks
04:00 AM ET
ECB's Muller Speaks
05:15 AM ET
BoE's Bailey, Pill, Tenreyro and Mann Speak
06:25 AM ET
ECB's Enria Speaks
Good Luck Today Traders!
