European markets got off to a broadly positive start even though US markets are closed as they celebrate Labor Day. There is plenty to keep the attention of European traders this week, with a number of economic data signposts to offer investors an indication of the varying stages of recovery across Europe. First has been today’s manufacturing PMI figures which have brought a clean sweep of disappointment, with none of the UK or eurozone nations meeting expectations. Next up will be services PMI on Wednesday, Bank of England and European Central Bank rate decisions on Thursday, and then the lottery of the US non-farm payroll figures to round the week off on Friday.
If new Tesco CEO, Dave Lewis, was under any illusions that the markets would afford him a 'honeymoon period' upon taking over the reins at the UK food retailing giant, then this morning’s share price action should have put paid to that. Investor grumblings are increasing the pressure on GlaxoSmithKline chairman Christopher Gent ahead of his proposed 2015 departure. The company has seen its global reputation tarnished with a number of corruption allegations being revealed. A shakeup of management looks like the most likely action required to assuage the markets.
US markets closed out last week on a positive note and the expected selloff in anticipation of today’s Labor Day holiday never materialised, which should bode well for the start of Tuesday's trading.
Recommended Content
Editors’ Picks
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.