It's been a rather mixed start to the week for the major
Asian equity markets. Friday's disappointing finish in Europe and on Wall
Street certainly put the pressure on, but the fact China recorded another
softer than expected non-manufacturing PMI print has offered a degree of
relief. This, combined with reports that further curbs on property purchasing
have been lifted in China does suggest we're not going to see any rapid need to
tighten policy. As a result, it's perhaps no surprise that the Shanghai Composite
has put in a stellar performance, recovering the losses posted late on Friday
adding close on 2%.
Wall Street is similarly looking to claw back some of
last week's losses at the open, although futures markets are already giving up
some of their earlier optimism. We are now looking at something of a temporary
lull - August is notorious for lower than average volumes, the economic
calendar is rather quiet and high profile earnings news is relatively absent
today, too. It could now be a case of traders sitting on hands in the short
term, although with at least the economic calendar set to pick up from tomorrow
any calm could be short lived. Ahead of the open we're calling the DOW up 22 at
16515 and the S&P up 3 at 1928.
http://www.marketwatch.com/story/us-stocks-futures-inch-up-after-disastrous-week-2014-08-04?siteid=rss
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