Spreadex Market Update
HSBC continues to hamper FTSE; DAX jumps on PMI boost
"Like the Eurozone, the main focus in the US will be on this afternoon’s flash manufacturing and services PMIs, the first to cover a fully-Trumped period of time."
Over in the Eurozone a muscular pair of flash manufacturing and services PMIs Germany helped lift the DAX by nearly half a percent. As for the CAC, despite a huge leap in its services reading, a disappointing manufacturing figure, and fears surrounding the presidential momentum gained by Marine Le Pen, have kept the French index flat around 4870.
Looking ahead to the US open and, after yesterday’s (ironic) President’s Day break, the Dow Jones is set to build on last week’s record-breaking close, the futures suggesting the index will cross 20650 after the bell. Like the Eurozone, the main focus in the US will be on this afternoon’s flash manufacturing and services PMIs, the first to cover a fully-Trumped period of time; the former is forecast to slip to 55.0 to 54.7 month-on-month, while the latter is expected to increase slightly to 55.8 from 55.6.
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