Eurozone and US PMIs amongst market movers today – Danske Bank

Analysts at Danske Bank suggest that today, focus will be on global PMI figures for July which are likely to garner maximum investors attention.

Key Quotes

“In the euro area, we look for a slightly weaker manufacturing PMI although it should stay at a high level, signalling continued robust GDP growth. The service PMI should also be a bit weaker but still points to ongoing solid demand from consumers.”

“In the US, we estimate PMI manufacturing rose slightly as it has been much weaker than ISM and regional PMIs recently. Still, the level is likely to stay lower than the peak earlier this year.”

“OPEC is due to meet today to discuss the oil output cut deal amid higher production in Nigeria and Libya.”

“Jared Kushner, Senior Adviser to President Trump and married to Ivanka Turmp is due to appear before the Senate Intelligence Committee in connection with the Russian probe today. However, the hearing will not be public, so there will be no headlines.”

“The main event this week is the FOMC meeting on Wednesday. We do not expect any policy changes (and no announcement on quantitative tightening yet) at this meeting, although risks are skewed towards a slightly more dovish statement given inflation continues to disappoint.”

“Focus will also be on German Ifo expectations, Q2 GDP growth figures in the UK, US and France as well as German HICP inflation. In Scandi markets, the key data releases will be Norwegian unemployment and Swedish GDP growth in Q2.”