European markets head for broadly positive open after China data boost

European stocks are expected to open in flat to positive territory Wednesday, getting a boost from better-than-expected Chinese factory activity in June.

London’s FTSE is seen opening 5 points lower at 6,179 while Germany’s DAX is expected to open 22 points higher at 12,354, France’s CAC 40 is seen 9 points higher at 4,951 and Italy’s FTSE MIB is seen 72 points higher at 19,327, according to IG.

Market participants in Europe will be digesting the latest indication of an economic recovery in China Wednesday after a private survey showed Chinese manufacturing activity in June growing more than expected. 

The Caixin/Markit manufacturing Purchasing Manager’s Index (PMI) came in at 51.2 in June, above expectations of a reading of 50.5 by analysts in a Reuters poll. Stocks in Asia Pacific mostly edged higher in Wednesday afternoon trade. 

PMI readings above the 50-level signify expansion on a monthly basis, while those below

Read More

European markets cheered by China data

European stocks are expected to open in broadly flat to positive territory on Tuesday with investors likely to be buoyed by a further sign of an economic recovery in China.

London’s FTSE is seen unchanged, opening at 6,240 while Germany’s DAX is seen opening 46 points higher at 12,304, France’s CAC 40 is seen 7 points higher at 4,967 and Italy’s FTSE MIB 69 points higher at 19,412, according to IG.

European markets look set to follow the positive trend set by markets in Asia Pacific, which rose Tuesday afternoon as China’s official manufacturing Purchasing Manager’s Index for June came in above expectations.

China’s official manufacturing PMI for June came in at 50.9, according to data released by the country’s National Bureau of Statistics (NBS). Economists in a Reuters poll had a median forecast of 50.4 for the data print. PMI readings above 50 signify expansion, while those below that

Read More

Coronavirus, China PMI data, currencies in focus

Stocks in Asia Pacific were set to open higher on Tuesday as investors await the release of China’s official manufacturing Purchasing Manager’s Index.

Futures pointed to a higher open for stocks in Japan. The Nikkei futures contract in Chicago was at 22,415 while its counterpart in Osaka was at 22,340. That compared against the Nikkei 225’s last close at 21,995.04 after its more than 2% slide on Monday.

Shares in Australia were also set for a positive start, with the SPI futures contract at 5,874, as compared to the S&P/ASX 200’s last close at 5,815.

Investors will await the release of China’s official manufacturing PMI for June, set to be released around 9:00 a.m. HK/SIN on Tuesday. Economists in a Reuters poll have a median forecast of 50.4 the data print, above the 50 level that indicates expansion in activity.

Developments surrounding the coronavirus pandemic will also continue to be

Read More

Coronavirus, China loan prime rate, currencies in focus

Stocks in Asia were set to trade lower as the number of coronavirus cases stateside soared again.

Futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 22,265 while its counterpart in Osaka was at 22,280. That compared against the Nikkei 225’s last close at 22,478.79.

Shares in Australia were also set to decline. The SPI futures contract was at 5,854.0, as compared to the S&P/ASX 200’s last close at 5,942.60.

Investors will watch for market reaction to the rising number of coronavirus cases in the U.S., with more than 30,000 new infections reported on Friday and Saturday — the highest daily totals since May 1 — according to data compiled by Johns Hopkins University.

Meanwhile, an official said Sunday that the Chinese capital of Beijing is capable of screening almost 1 million people a day for the coronavirus, according to Reuters.

Read More