05.08.13

Chinese Purchasing Managers Services Index figures came in at 51.3 no change on the previous release, and the Government’s non-manufacturing PMI rose to .1 from 53.9 last month. The AUD is the weakest it has been since 2010, the Reserve Bank of Australia gives an interest rate announcement tonight, expectations of a 0.25% cut to 2.5%. AUD/USD was trading at 0.8904 with a high of 0.8920 and a low of 0.8846 so far. Russia has suspended imports on all New Zealand Dairy products due to a contamination; dairy products make up 25% of all overseas sales.

The NIKKEI closed at 14258.00 down 208.12 points or minus 1.44%

Swedish PMI Services in at 56.6 versus 46.7 expected. Today has Euro Zone releases of PMI data, so a lot of interest in the European session today, as there isn’t much happening elsewhere. Romania expects to see an interest rate reduction from 5% to 4.75%. HSBC earnings are expected to rise by as much as 15% following cost reduction strategy employed by the bank recently. CABLE was trading at 1.5304 with a high of 1.5306 and a low of 1.5259 so far.

The FTSE100 closed at 6665.33 up 17.46 or 0.26% while the DAX closed at 8422.04 up 15.10 or 0.18%

American Embassies in a number of countries closed yesterday, and will remain closed until Saturday  in Abu Dhabi, Algiers (reopens earlier), Amman, Baghdad (reopens earlier), Cairo, Riyadh, Dhahran, Jeddah, Doha, Dubai, Kabul (reopens earlier), Kuwait, Manama, Muscat, Sana’a, Tripoli, Antananarivo, Bujumbura, Djibouti, Khartoum, Kigali, and Port Louis. Dallas FED President, James Fisher, will speak today in Oregon. Markets will be watching for any hints as to when tapering the bond buying will commence. The ISM non-manufacturing index, which will be released later today, is expected to be out at 53.0 up from last month’s 52.2. EUR/USD was trading at 1.3289 with a high of 1.3289 and a low of 1.3260 so far.

The DOW closed at 15658.40 up 30.34 or 0.19%

Hope you all have a good week ahead.