Stock markets around the world are trading up slightly overnight. US index futures are up 0.1%. The DAX is up 0.7% and the FTSE is up 0.25%. Major currencies including gold are all steady this morning.
Overnight manufacturing PMI reports were mixed as usual. The UK, Australia Italy, Greece and China exceeded expectations significantly while Spain and Norway fell short. Greece’s GDP also beat the street. Overall, this news combined with strong Canada GDP and US ADP payrolls indicate a strengthening global economy, with Europe finally starting to pick up steam.
The main event today is US non-farm payrolls. A spectacular ADP report on Wednesday suggests a robust job market in the US and the potential for a non-farm beat as well. The street is at 180K down from 209K last month, I am thinking 225K. US manufacturing PMI is due later Friday morning. Chicago PMI came in slightly above expectations so we could see a positive national report as well. The afternoon could be quieter as traders prepare for the last long weekend of summer in the US and Canada.
Energy markets remain active. Crude oil rallied Thursday in what looks like a delayed reaction to falling inventories. WTI has turned back downward today falling 1.0% on reports the US could release supply from the Strategic Petroleum Reserve as needed.
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