Spreadex Market Update
FTSE trickles lower as Markit prepares to release early (and grim) UK manufacturing and services PMIs
Slipping by around 15-20 points, and therefore now on the wrong side of its beloved 6700 level, the FTSE is in for its first bit of honest-to-god post-Brexit data this Friday. Markit is giving the markets an early, one-off glimpse into July’s manufacturing and services PMIs, and things look set to be pretty grim.
From June’s 52.1 the manufacturing reading is forecast to plunge to a 44 month low of 47.8, while the services number is expected to see a similar drop to 48.9 from 52.3. With both of its major Purchasing Managers Indices in contraction territory the FTSE could be in for a bit of a knock this morning, something already reflected in its early losses. The pound, on the other hand, has crept a bit higher this Friday, now just below 1.325 against the dollar and a tad above 1.20 against the euro.
Over in the Eurozone the DAX and CAC looked just as wary, falling 0.3% and 0.2% respectively, despite a generally solid morning from their own PMIs. In France both manufacturing (at 48.6) and services (at 50.3) figures exceeded expectations, the latter crawling out of contraction territory for after last month’s decline; in Germany, manufacturing slipped month-on-month to 53.7 (not as bad as analysts’ forecast) but with a surprise bounce in its services sector to 54.6. The Eurozone-wide readings, however, are both expected to fall, something that may be tempering the region’s performance even in the face of those decent French and German figures.
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