European markets ralliy on Spain and ECB rumors
FXstreet.com (Barcelona) - It's being rumored around the market that the Spanish government will be asking for official support from the EFSF at an unscheduled conference today. It's also being reported a rumor that the ECB is too holding a press conference, about ESM/EFSF interventions. The disappointing Draghi's rhetoric is giving room to new expectations on these unscheduled speeches. On account of this, the periphery bond yields are rapidly falling on the secondary market.
In Italy, the government won a final senate confidence vote on growth measures.
The services PMI in the MU rose more than expected from 47.1 to 47.9 in July. Among the Euro area countries, Germany was able to turn from contractionary (49.9) to expansionary (50.3) and France kept a steady pace by moving from 47.9 to 50.0.
June retail sales in the Euro area improved on the month by +0.1% and the annualized data came better than expected (actual -1.2% vs consensus of -1.4%). However, the YoY May figure was revised from -1.7% to -0.8%, which means a yearly decline from May to June.
In terms of UK data, the only indicator was the services PMI that dropped from 51.3 to 51.0 in July, against rising expectations to 51.5. "Combining the latest services data with figures from the sister construction and manufacturing surveys, the All-Sector PMI dropped below 50.0 for the first time in 39 months in July", wrote Markit senior economist Paul Smith, highlighting the loss of momentum in the UK economy following the relatively bright start to the year.
The German DAX 30 (+2.25%), the French CAC 40 (+2.45%), the Italian FTSE MIB (+4.23%), the Spanish IBEX 35 (+3.20%) and the British FTSE 100 (+1.50%), among others, are rallying today on the rumors and news written above.
Ahead of the American session and US nonfarm payrolls (with expectations of higher numbers (100K) than June's 80K), futures for the S&P 500, Nasdaq 100 and Dow Jones 30 are also edging higher, by +1.00%, +1.00% and +0.85%, respectively. WTI crude oil is trading at $88.20 (+1.25%) and Gold moves higher on the day to $1595 (+0.45%).
In Italy, the government won a final senate confidence vote on growth measures.
The services PMI in the MU rose more than expected from 47.1 to 47.9 in July. Among the Euro area countries, Germany was able to turn from contractionary (49.9) to expansionary (50.3) and France kept a steady pace by moving from 47.9 to 50.0.
June retail sales in the Euro area improved on the month by +0.1% and the annualized data came better than expected (actual -1.2% vs consensus of -1.4%). However, the YoY May figure was revised from -1.7% to -0.8%, which means a yearly decline from May to June.
In terms of UK data, the only indicator was the services PMI that dropped from 51.3 to 51.0 in July, against rising expectations to 51.5. "Combining the latest services data with figures from the sister construction and manufacturing surveys, the All-Sector PMI dropped below 50.0 for the first time in 39 months in July", wrote Markit senior economist Paul Smith, highlighting the loss of momentum in the UK economy following the relatively bright start to the year.
The German DAX 30 (+2.25%), the French CAC 40 (+2.45%), the Italian FTSE MIB (+4.23%), the Spanish IBEX 35 (+3.20%) and the British FTSE 100 (+1.50%), among others, are rallying today on the rumors and news written above.
Ahead of the American session and US nonfarm payrolls (with expectations of higher numbers (100K) than June's 80K), futures for the S&P 500, Nasdaq 100 and Dow Jones 30 are also edging higher, by +1.00%, +1.00% and +0.85%, respectively. WTI crude oil is trading at $88.20 (+1.25%) and Gold moves higher on the day to $1595 (+0.45%).
Free Annual Reports
