Bad PMI from China, and markets are jinxed - the central bank seems to have closed the liquidity gates and this comes at a very, very bad time. French PMI just suprised to the upside, so expect the German and euro area numbers to improve as well. But given the Chinese troubles and the Fed's tapering, perhaps the European positive surprise will remain temporary?
Previously on MoreLiver’s:
Roundups
News roundup – Between
The Hedges
The 6am Cut London – alphaville
/ FT
Emerging Markets
Headlines – beyondbrics
/ FT
Asia Morning MoneyBeat: Something Tapered This Way
Comes – WSJ
Europe Morning MoneyBeat: Fed Clarity Leaves Markets
Reeling – WSJ
MORNING BRIEFINGS
Markit Economics
publishes initial June estimates of manufacturing PMI data for Germany and the US today, and the UK releases retail sales figures for May.
Market Preview: Bernanke hints at QE3 exit;
European PMIs eyed – TradingFloor
European markets are
likely to open lower Wednesday after the Fed chief said the bank would start
tapering its bond purchases by the end of 2013 if the economy continues to
improve. Meanwhile, today’s PMIs across the EU will be eyed for further hints
Danske Daily – Danske
Bank (pdf)
Fed fears and
Chinese growth concerns will be at the top of the agenda in the European trade
today... Euro flash PMIs are expected to show a
further rise in June.
Aamukatsaus – Nordea
Bernanke pilasi
kesän * Missä se nousu viipyy? * Fedin viesti vähensi riskinottohalukkuutta
ASIA
China's central bank's inaction can have dire
consequences – Sober
Look
-this is not a game
*CHINA
MANUFACTURING PMI
PMI Hits Nine-Month
Low as Output and New Orders Decline – Mish’s
No policy game changer
– Nordea
PMI drops to its
lowest level in nine months – TradingFloor
HSBC PMI suggests
slowdown intensifying – Danske
Bank (pdf)