US and Eurozone PMIs amongst market movers today – Danske Bank
According to Danske Bank analysts, today's highlight is the US and euro area PMIs.
“They will be crucial as pointers of the way the global cycle is going over the summer following the US-China trade war escalation. In May, the US PMI manufacturing index for new orders fell to the lowest level since the series was released 10 years ago, sending a clear warning of a recession in the manufacturing sector in the US. We expect a slight further weakening of EA PMI manufacturing, whereas we expect the service sector to still hold up decently.”
“Today, US existing home sales are released, which should be doing okay on the back of the recent sharp drop in mortgage rates and still very high consumer confidence. Tonight, the Fed's Mester (voter, hawk) and Brainard (voter, dovish) speak.”
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