Spreadex Market Update
Asian markets had a slight hiccup
Asian markets had a slight hiccup throughout the night as Chinese manufacturing PMI came in below forecasts at 50.4, slightly up from last month however not enough to exceed consensus. All eyes were on the Fed’s Open Market Committee last night as the bond-purchasing programme was tapered by a further $10bn.
We look set for a relatively quiet day for European markets due to bank holidays in France, Germany and Italy closing the major bourses respectively. We are currently calling the FTSE 100 up 14 points prior to the open.
Despite the bank holiday, we still have a packed economic diary which will drive markets starting with GBP Manufacturing PMI at 09:30, set to come in at 55.4. Prior to the US open, unemployment claims and Fed Chair Janet Yellen will speak, often causing a flurry of activity in the markets. US ISM Manufacturing PMI will be released at 15:00 with forecasts expecting a figure of 54.3.
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