Asian markets for choice are lower, with the Shanghai composite leading the way just over 1% lower. The Euro, having sold off marginally yesterday trades just above the 1.25 level, with the ECB rate decision at 12.45 BST a key focal point for the day. Consensus is looking for the rate to be lowered to 0.75%. As of now European equities have opened slightly lower.
Spanish debt is lower with the 10 year yield pushing up to 6.42% ahead of auctions for 3, 4 and 10 year debt this morning, the results of which will also have an influence on risk appetite for the day.
US markets will resume trade today after Independence day, with some major economic releases due over the next couple of sessions, today we have ADP employment data ahead of tomorrows’ more significant non-farm payrolls.
Posted by Philip Ball | Sales and Trading