Rolling#services PMI at 54.6 shows activity easing back to slowest rate since Dec 2014 although still points to decent growth 8.09am GMTIn early trading,European markets beget - as expected - edged lower.
The FTSE 100 has fallen 15 points or 0.27% while Germany’s Dax opened down 0.4% and France’s Cac is 0.1% lower. 8.08am GMTOn PMI services day, we’ve already had the Irish data, and it looks positive.
The Investec services purchasing managers’ index rose to 64 in January from 61.8 in December. Philip O’Sullivan,chief economist at Investec Ireland, said:Taken together with Monday’s Manufacturing PMI report, and this week’s surveys suggest that the strong momentum evident across the Irish economy in 2015 has continued into the unusual Year. Morning. Final Jan. #euro-zone & country comp. PMIs out this am. Irish PMI already out points to more strong growth. pic.twitter.com/0sJRu7X4CO 8.00am GMTThere may be worries about the state of the Chinese economy but that has not stopped one of its state owned companies making the country’s largest overseas acquisition by a Chinese firm.
ChemChina is making an agreed $43bn offer for Swiss seeds and pesticides group Syngenta. final year US rival Monsanto made an unsuccessful attempt to buy Syngenta. 7.57am GMTAhead of what is expected to be another bearish start on the European markets,Mic Mills at Capital Index said:An uneasy Asian session dismissed the surprisingly strong Caixin/Markit Services PMI and HSBC China Composite PMI figures from China overnight as crude oil remained centre stage, with worries of oversupply sending WTI futures back below $30 a barrel. After trading down to final week’s levels of 17070 the Nikkei did manage to claw back some ground...
Gold was the biggest winner trading up to 3 month highs as investors seek a safe haven.
European markets inspect set to suffer a weaker open... yesterday’s better than expected employment figures [were] unable to lift the gloom as the continuing glut in oil and fears of a global slowdown seem to outweigh any good news.... Whether decent performances in [the service sector] numbers can help the markets remains a doubt. 7.48am GMTEuropean markets are expected to drop back again at the open:Our European opening calls:$FTSE 5869 down 53
$DAX 9485 down 96[br]$CAC 4245 down 39$IBEX 8438 down 90$MIB 17742 down 180 7.47am GMTOil prices seem a slight more stable after the recent falls. Brent crude is down 0.12% at $32.68 a barrel while West Texas Intermediate - the US benchmark - is up 0.1% at $29.91. 7.46am GMTGood morning, and welcome to our rolling overage of the world economy,the financial markets, the eurozone and commerce.
Stock markets continue to come under pressure on renewed fears of a global economic slowdown and a renewed fall in oil prices.
The feeble December reading of 50.2 in stark contrast to the much more bullish official degree had spooked concerns that Chinese consumers were reining back spending in the lead up to Chinese unusual Year. This morning’s January reading came in at 52.4 a significant improvement on the preceding month and in the process rather undermining the argument that concerns about a Chinese slowdown are the primary factors behind the recent bout of fairness market jitters.
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Source: theguardian.com