What you need to know before the open – 06/11
With central bank meetings and US payrolls data looming, markets are ebbing back from their recent highs, as investors become slightly cautious.
The UK saw Markit's services PMI hit a 16-year high yesterday, although the EU saw some minor growth downgrades. European markets are, however, expected to open slightly up today after a positive session in Asia. We're also expecting some more data from Europe today.
Good morning – just over 20 minutes to go until the open and the FTSE100 is forecast to start +10 at 6757.
— David Jones (@DavidJones_IG) November 6, 2013
FTSE futures rally a tad – May open + 12 points at 6759
— David Buik (@truemagic68) November 6, 2013
RISK TRENDS: Euro Stoxx 50 futures +0.4% before opening bell in Europe, hinting risk-on mood to continue in the coming session
— DailyFXTeamMember (@DailyFXTeam) November 6, 2013
Key events:
- Eurozone Markit services PMI for October at 8.58am. Expected at 50.9, from 52.2.
- UK industrial production for September at 9.30am. Expected at 0.7 per cent, from -1.1 per cent.
- UK manufacturing production for September at 9.30am. Expected at 1.2 per cent, from -1.2 per cent.
- Eurozone retail sales for September at 10.00am. Expected at -0.1 per cent, from 0.7 per cent.
- German factory orders for September at 11.00am.
- US MBA mortgage application (1 Nov) at 12.00.
- UK NIESR GDP estimate for September at 3.00pm.
- US CB leading indicator for September at 3.00pm. Expected unchanged at 0.7 per cent.