Stock markets are mixed so far today with US index futures the Nikkei and the Hang Seng flat. European markets are down slightly with the FTSE and Dax both down 0.5%. Crude oil continues to stabilize, while gold is bouncing back.
In currencies today, GBP is rallying while EUR is weaker on the first anniversary of the historic Brexit referendum. The street appears to be responding favourably to PM May's plan to transition EU citizens living in the UK to settled status. Hawkish talk from outgoing MPC member Forbes may also be having an influence.
On the other hand, soft flash manufacturing PMI reports for Germany, France and Japan that missed expectations, were down over month or both, have dragged on the Euro and stocks.
US flash PMI reports are due at 945 am EDT today. Apparently it's the annual rebalancing day for the Russell indices so we could see trading activity around that. US Banks, which fell yesterday ahead of stress test results could attract renewed interest after all 34 banks tested passed. USD could ba active around speeches from FOMC members Bullard, Mester and Powell today.
CAD could be active today with Canadian inflation figures due. Yesterday's strong retail sales report boosted the loonie and today's numbers may also impact direction depending on whether they enhance or undermine the cause for an interest rate increase. This may also set the stage for next week's inflation numbers from the US Germany and Japan.
Blackberry may attract attention from a mixed quarterly report where earnings beat the street but sales fell short of expectations. The company still expects to generate positive cash flow this year even before the Qualcomm award.
Blackberry $0.02 vs street $0.00, sales $244M vs street $265M
Significant announcements released overnight include:
Japan flash manufacturing PMI previous 53.1
Singapore consumer prices street 1.3% vs previous 0.4%
Singapore core CPI street 1.7%
Singapore industrial production street 7.5%
France flash manufacturing PMI street 54.0
France flash service PMI street 57.0
Germany flash manufacturing PMI street 59.0
Germany flash service PMI street 55.4
Upcoming significant economic announcements include:
8:30 am EDT Canada consumer prices street 1.5%
8:30 am EDT Canada core CPI common street 1.4%
9:45 am EDT US flash manufacturing PMI street 53.0
9:45 am EDT US flash service PMI   street 53.5
10:00 am EDT US new home sales street 590K
11:15 am EDT FOMC Bullard speaking
12:40 pm EDT FOMC Mester speaking
2:15 pm EDT FOMC Powell speaking
TBA Moody’s update on US Sovereign debt rating
CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.