Daily Analysis – Tuesday, February 21, 2017
Alan Greenspan, the Former head of the US Federal reserve, said yesterday that the Euro is liable to collapse due to economic & cultural imbalances in the EU. Germany, France and the economic zone itself have reported soaring, PMIs. UK residents polled by Nielsen yesterday state that they fear the economy (28%) more than immigration and terrorism (20%).
Japan’s manufacturing PMI last night also gain a point up to 53.7 in February. All industry activity, however, fell. The Yen lost half a percent and the Nikkei225 gained 1.25%. The Shanghai Composite increased 0.41% with other Chinese benchmarks not far behind. The Hang Seng, on the other hand, lost more than 0.6%.
The US Dollar gained overnight after Philadelphia Fed head Patrick Harker said that he supports an interest rate hike next month. Markets were closed yesterday for President’s Day. And Canadian wholesale sales rose 0.7% in December .
Crude oil this morning rose above $54 after output decreased and investors became bullish. The Bank of America predicts that US shale production will soar 3.5 mB/day within 5 years if WTI attains the $60 per barrel target by year’s end.
Barclays will reports earnings on Thursday morning, and Bayer tomorrow alongside Tesla.
Expect the UK bank to drop while the latter two rise on promising sales.
|9:00 AM GMT||EU – Markit Manufacturing, Services & Composite PMIs|
|10:00 AM GMT||UK – Inflation Report Hearings|
|13:55 PM GMT||US – Redbook Index followed at 2:45 by Markit Manufacturing, Services & Composite PMIs|
|1:30 AM GMT (+1)||China – House Price Index|