Daily digest market movers: US off to an early start
- The annual three-day European Central Bank Symposium starts in Sintra, Portugal, and lasts until Wednesday. ECB president Christine Lagarde will deliver a speech and opening remarks. More headlines are expected throughout these three days, with several central bank members and policymakers to be interviewed and making comments.
- At 13:45 GMT, S&P Global will release June’s Purchasing Managers Index (PMI) for the Manufacturing sector’s final reading. The previous reading was 51.7, and no changes are expected.
- At 14:00 GMT, the Institute for Supply Management will release June’s PMI Index:
- Manufacturing PMI is seen heading to 49 from 48.7.
- The New Orders Index was at 45.4 in May, with no forecast available for June.
- The Employment Index was previously at 51.1, with no consensus view available.
- The Prices Paid Index is seen declining to 55.9 from 57.
- Equities are roaring and rallying higher with this French election gridlock result going into next week’s voting. Certainly, in Europe, all indices are popping higher by over 1%, while US equity futures are enjoying the positive spillover effect.
- The CME Fedwatch Tool is broadly backing a rate cut in September despite recent comments from Federal Reserve (Fed) officials. The odds now stand at 57.8% for a 25-basis-point cut. A rate pause stands at a 35.7% chance, while a 50-basis-point rate cut has a slim 6.5% possibility.
- The US 10-year benchmark rate trades near 4.39% and slid lower from its opening at 4.42% on the back of the French election news.
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