AFTERNOON MARKET OVERVIEW
Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health.
GBPNZD 1.8597 -0.56%, GBPAUD 1.5509 -0.53%, GBPJPY 153.00 +0.41%, GBPCAD 1.5577 -0.17%, GBPCHF 1.4578 +0.14%, GBPUSD 1.5087 +0.13% and EURGBP 0.8547 -0.09%.
The UK’s FTSE 100 is currently trading at 6710.13, down -1.9% from its previous close level.
Thursday’s release of French and German Purchasing Managers Index has seen both levels outperform market expectation, posting 45.5 and 49 respectively, resulting on euro pairs pushing higher against the majority of its major counterparts.
French PMI remains in contraction, but at a slower rate from its previous level of 44.4, outperforming market expectations of 44.8.
German PMI too, remains in contraction, also beating market expectations of 48.5, up from its previous level of 48.1.
Italian retail sales missed market expectations of 0.3%, posting -0.3% month-on-month, down from its previous level of -0.2%.
Following the release saw the Eurozone’s collective manufacturing GDP post 47.8, outperforming market expectations of 47, up from its previous level of 46.7.
Thursday’s Spanish three and five year bonos auction has resulted in a move lower in yields to 2.442% and 3.001% respectively from their previous levels, suggesting a returning confidence in the Spanish domestic economy.
Spanish BDE bonds have maturities of between two to five years. Governments issue treasuries to borrow money to cover the gap between the amount they receive in taxes and the amount they spend to refinance existing debt and/or to raise capital.
EURNZD 1.5898 -0.65%, EURAUD 1.3258 -0.62%, EURJPY 130.79 +0.31%, EURCAD 1.3316 -0.26%, EURGBP 0.8547 -0.09%, EURCHF 1.2462 +0.05% and EURUSD 1.2897 +0.03%.
Europe's main equity indexes are all down sharply in Thursdays trading. The Euro Stoxx 600 index is currently trading at 304.28, down 2.03% from its previous close. In France, the CAC 40 is down -2.21% at 3962.09 and finally, the German DAX is trading at 8315.5, down -2.52%.
A slew of macroeconomic data out of the US market is expected ahead of the New York open on Thursday with initial jobless claims and new home sales being two notable highlights. Jobless claims are expected to post a level of 345k, down from its previous level of 360k, while new home sales are set to increase to 425k from 417k month-on-month. US dollar pairs have continued to come in for heightened sell-side activity during the European session, pushing lower against the majority of its major counterparts.
NZDUSD 0.8111 +0.69%, AUDUSD 0.9727 +0.66%, USDCAD 1.0323 -0.29%, USDJPY 101.41 +0.28%, GBPUSD 1.5087 +0.13%, EURUSD 1.2897 +0.03% and USDCHF 0.9662 +0.02%.
US equities are also lower on the day, they S&P 500 is currently trading at 1655.35, down -0.83% from its previous session close, and the Dow Jones Industrial Average trading at 15,307.17 down -0.52%.
Biggest gainers during the London morning session; NZDJPY 82.25 +0.96%, AUDJPY 98.64 +0.93%, NZDCHF 0.7837 +0.70%, NZDUSD 0.8111 +0.69%, AUDCHF 0.9398 +0.67%, AUDUSD 0.9727 +0.66%, CADJPY 98.20 +0.56%, NZDCAD 0.8373 +0.39%, AUDCAD 1.0042 +0.36%, EURJPY 130.79 +0.31%, CADCHF 0.9356 +0.30% and USDJPY 101.41 +0.28%.
Biggest losers during the London morning session; EURAUD 1.3272 -0.51%, EURNZD 1.5922 -0.50%, GBPAUD 1.5537 -0.35%, EURCAD 1.3319 -0.23%, USDCAD 1.0334 -0.18% and EURGBP 0.8541 -0.16%.
Story provided by StockMarketWire.com