Good Morning Traders! In the second half of the week now, we get a day full of Mfg PMI for Europe.
Here is what to expect from the session.
Sentiment
President Joe Biden and Speaker Kevin McCarthy crafted debt-limit legislation that the House approved, limiting government spending until the 2024 election and preventing a potentially dangerous US default. As a default deadline approaches, lawmakers from both parties came together to pass the bill 314-117 on Wednesday night. This sends the issue to the Senate for review.
In order to guide market expectations ahead of a crucial employment report, Federal Reserve policymakers are indicating they intend to hold interest rates unchanged in June while maintaining the option to raise them higher in the months to come.
According to a private poll, China's industrial activity increased marginally in May, which was a pleasant surprise given that official data indicated a decline in factory output the previous month.
In May, China reduced the sale of infrastructure bonds by almost half, an indication of sluggish government spending at a time when the recovery of the economy is stalling.
The level of business confidence in Britain remained "just below neutral" in May, with executives worried that the economic shocks are far from finished.
As industry data indicated growing US crude stocks and market concerns about demand, oil prices fell for a third day.
Docket
03:50 AM ET
French Mfg PMI
Median Forecast 46.1 | Prior 46.1 | Range 46.1/46.0
03:55 AM ET
German Mfg PMI Final
Median Forecast 42.9 | Prior 42.9 | Range 43.0/42.7
04:00 AM ET
Eurozone Mfg PMI Final
Median Forecast 44.6 | Prior 44.6 | Range 44.6/44.4
04:30 AM ET
UK Mfg PMI Final
Median Forecast 46.9 | Prior 46.9 | Range 46.9/46.7
05:00 AM ET
Eurozone Core CPI YoY Flash
Median Forecast 5.5% | Prior 5.6%| Range 5.6%/5.3%
Eurozone CPI YoYFlash
Median Forecast 6.3% | Prior 7.0% | Range 6.8%/6.0%
07:30 AM ET
ECB's Meeting Minutes
Speakers
03:30 AM ET
SNB's Schlegel Speaks
05:30 AM ET
ECB's President Lagarde Speaks
Good Luck Today Traders!
