Euro area final PMI figures for April on the agenda today
On the latter, it is a bit peculiar to see Yellen step on the toes of the Fed (does she really miss her old job that much?) but she did attempt to walk that back later in the day.
Tech was the biggest loser amid another rotation into value stocks with the Nasdaq closing down nearly 2% while the Dow had a late surge to close mildly higher by 0.1%.
US futures are also keeping steadier as we look towards European trading as technicals, risk flows and bond yields remain the key factors to watch as the market continues to work around the inflation and stronger US economic recovery narratives.
0630 GMT – Switzerland April CPI figures
0715 GMT – Spain April services, composite PMI
0745 GMT – Italy April services, composite PMI
0750 GMT – France April final services, composite PMI
0755 GMT – Germany April final services, composite PMI
0800 GMT – Eurozone April final services, composite PMI
The focus will be one the final readings from France, Germany, and overall Eurozone, which were solid in the preliminary estimates. As such, the reports today should just reaffirm the resilience of the euro area economy to start Q2 with hopes of a stronger rebound to follow later in the second half of the year.
0900 GMT – Eurozone March PPI figures
1100 GMT – US MBA mortgage applications w.e. 30 April
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week. Amid the sudden turn higher rates this year, recent mortgage activity has dipped with purchases falling sharply alongside refinancing activity so it’ll be one to watch out for.
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.