European Equities Positive, FTSE MIB in Milan Outperforms
European equities trading higher today after Christine Lagarde International Monetary Fund managing director elected to be the next head of the European Central Bank (ECB). As of writing the DAX 30 is 0.65 percent higher at 12,611 the CAC 40 in Paris is adding 0.68 percent at 5,614, in London the FTSE 100 outperforms as it is 0.77 percent higher at 7,614 despite BOE Policy Committee member Cunliffe noted that the risk of a no deal Brexit has gone up. Earlier today German Markit Services PMI came in at 55.8, beating analysts’ expectations of 55.6 for the same month. In France Markit Services PMI came in at 52.9, worst than market consensus of 53.1 for June, while the Markit PMI Composite came in at 52.7, again below analysts’ estimates of 52.9 in June. EU Markit PMI Composite came at 52.2 beating forecasts of 52.1 for June, while the Services PMI came at 53.6 also beating analyst’s forecasts above expectations of 53.4 for the same month. The Italy Services PMI came at 50.5 better than economists’ forecast of 50 in June.
In Wall Street, the futures trading higher, the Dow futures are 0.18 percent higher at 26,845 while the S&P futures are 0.22 percent higher, signaling a slightly positive start for U.S. equities. Investors await the US ADP Employment Change report to be released at 12:15GMT followed by the US Trade Balance, Jobless Claims and the Canadian Trade Report due at 12:30GMT. The US Markit and ISM Services PMI data will be released at 14:00 GMT same time as the Factory Orders. Crude oil traders await the US EIA Crude Oil Stocks data due at 1430 GMT.Don’t miss a beat! Follow us on Twitter.