What you need to know before the open – 21/11
Europe is set to open lower this morning as speculation mounts over the US December taper.
ETX Capital #morningcall: FTSE100 off 23 points, the DAX lower by 45 points and the CAC40 off by 20 points
— ETX Capital (@ETXCapital) November 21, 2013
The Fed October meeting minutes, release last night, hinted that a reduction in its economic stimulus programme could be seen over coming months if economic data picks up. Asian stocks slid on the news, although the dollar remained firm.
In Thursday trading, however, the Nikkei rose to six-month highs, buoyed by a rise in foreign buying and plans for a $2 trillion investment by a government fund in riskier assets.
The euro took a tumble yesterday on talk that the European Central Bank was considering negative deposit rates, as policymakers remain worried about the lack of growth in the euro area.
Key events:
- German Markit manufacturing PMI (flash estimate) for November at 8.28am. Expected at 52.0 from 51.7.
- German Markit services PMI (flash estimate) for November at 8.28am. Expected at 53.0 from 52.9.
- Eurozone Markit manufacturing PMI (flash estimate) for November at 8.58am. Expected at 51.5 from 51.3.
- ECB president Draghi's speech at 10.05am.
- UK industrial trends survey – orders for November at 11.00am. Expected at 0 from 4.
- US initial jobless claims (15 Nov) at 1.30pm. Expected at 335,000 from 339,000.
- US producer price index for October at 1.30pm. Expected at -0.2 per cent from -0.1 per cent.
- US Markit manufacturing PMI (flash estimate) for November at 1.58pm. Expected at 52.4 from 51.8.
- Eurozone consumer confidence (flash estimate) for November at 3.00pm. Expected at -14.0 from -14.5.