UK Politics and global PMIs amongst market movers today – Danske Bank

Danske Bank analysts point out that PMI services from around the world and US ISM non-manufacturing are due out today.

Key Quotes

“In particular, the US ISM non-manufacturing index will be interesting given the sharp fall in the ISM manufacturing index, which caused a repricing by the Fed. ISM non-manufacturing has been robust so far but the risk is the manufacturing recession spreads to the service sector. Also look out for the ISM non-manufacturing employment sub-index ahead of US non-farm payrolls tomorrow.”

“We also have a range of FOMC members speaking, where hints of whether the Fed will ease again later this month or not remain key for market sentiment.”

“UK Prime Minister Boris Johnson presented his Brexit proposal to the public yesterday and now it is up to the EU to decide whether the proposal can make a basis for further talks or not. Notably, the EU may have concerns as to whether the proposal is simply part of a blame game by PM Johnson. Officials generally welcomed a plan from the UK but EU Commission head Juncker said yesterday that 'problematic points' remain.”