Two different views of the spread betting markets for you today:
According to BetOnMarkets:
- Stock market futures are indicating a positive start to the day after a weak session yesterday.
- Chinese Manufacturing numbers came in slightly above expectations, while Australian GDP smashed estimates to come in at 1.2%.
- The mood has shifted to glass half full again with the yen under pressure and the Aussie dollar in demand. The AUD/JPY is up 1.12% and the AUD/USD up 1%.
- Traders are also taking some money off the table on the Swiss franc as the currency gives back some of yesterday’s gains. The EUR/CHF is up 0.44% and the USD/CHF up 0.15%.
- Gold is still in demand, trading above $1,250 briefly this morning. Gold has closed above this level only twice before.
- Coming up today we have UK manufacturing PMI at 09.30. A slight dip is expected.
- Following this we start the monthly jobs merry go round once again at 13.30 with the release of US ADP employment data. This is often (not always) a good steer for Friday’s more important Non Farm Payrolls.
- We also have US ISM manufacturing at 15.00.
And according to Spreadex:
A positive start to the day, with FTSE up currently 80 points, starting its positive drive from around 9.30am onwards and now broken the 5300 mark.
Top riser is Cable and Wireless, up near 11% followed by the miners.
Chinese manufacturing picked up after a downward trend and Australia’s economy grew at the fastest rate in 3 years. However, manufacturing in Europe appears to be cooling and UK PMI came out below forecasts.
Markets are still data driven at the moment and very fickle, so today’s gains could easily turn depending on data from the US.
ADP employment data will set the tone for the afternoon, and there is the continual manufacturing theme at 3pm, the markets will be cheering any signs that the US Economy isn’t grinding to a halt as recent data as would suggest.
Dow Futures are up 97 so it looks like the markets are expecting it to be a good day for the markets.
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