t’s been another busy evening and morning for world markets.
USD has been soaring against other majors this morning after getting a boost from durable goods orders. Although the headline number disappointed, after excluding lumpy transport orders, orders were positive an in-line with expectations, confirming the US economy continues to bounce back this spring.
The next big data point for the US today is flash manufacturing PMI, the first indication of whether the positive momentum of May has continued into June. This report could drive another round of FOMC interest speculation trades.
With the exception of Japan which dropped under 50 into contraction territory, flash PMI numbers have been positive from China and Europe. European indices are trading higher on the news and may also be seeing some follow-through from yesterday’s Greek relief rally.
Other trades surrounding Greece remain mixed. Greece’s treasury yield is down again falling toward 10.0% while gold is down again, falling toward $1,175 as Grexit fears ease and traders hope for a deal this week. EUR, however, has not rallied and in fact is falling back again today. This suggests either that recent EUR gains had already priced in a Greek deal or some traders remain concerned that a deal could still fall apart or that even if one is reached could fail to be ratified by one or more national parliaments. The next big meeting on Greece is scheduled for tomorrow, so markets may remain active as nothing is settled yet and anything can happen.
Blackberry ($0.05) vs street ($0.03) sales $658M vs street $682M, software sales $138M vs street $83M hardware sales $263M vs street $327M service sales $250M vs street $271M, signed a patent cross licensing deal with Cisco Systems.
Significant announcements released overnight include:
US durable goods orders (1.8%) vs street (1.0%)
US durables ex transport 0.5% as expected
Japan flash manufacturing PMI 49.9 vs street 50.5
China flash manufacturing PMI 49.6 vs street 49.4
France flash manuf PMI 50.5 vs street 49.6
France flash service PMI 54.1 vs street 52.6
Germany flash manuf PMI 51.9 vs street 51.2
Germany flash service PMI 54.2 vs street 53.0
Eurozone flash manuf PMI 52.5 vs street 52.2
Eurozone flash service PMI 54.4 vs street 53.6
Italy retail sales 0.0% vs street (0.5%)
Australia leading index (0.3%) vs previous (0.1%)
Australia house prices 6.9% vs street 7.4%
Singapore consumer prices (0.4%) as expected
Singapore core CPI 0.1% vs street 0.4%
Upcoming significant announcements include:
9:00 am EDT US FHFA house prices street 0.5%
9:45 am EDT US flash manufacturing PMI street 54.1
10:00 am EDT US new home sales street 523K
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