Asian markets open, but the bulk of the region have national holidays with released data over the weekend which showed a continuing contraction in Chinese manufacturing. This morning a survey released showed Japanese manufacturers became more pessimistic, and South Korea announced a third straight decline in monthly exports and shipments from Indonesia fell the most in three years.
In Europe, Fitch said that the UK’s AAA rating faces an increased likelihood of a downgrade. Les Echos reports that France will propose 4-5bn Euros in tax increases tomorrow. European equity futures are looking flat in early trade.
In the US today, we have ISM manufacturing data, and futures are pointing to a loss of around 20bps.
Philip Ball | Sales and Trading