We're expecting a muted start to European markets after China saw some grim manufacturing data overnight. HSBC's manufacturing PMI saw 11-month lows, at just 47.7, implying that the contraction in the sector is accelerating.
#morningcall FTSE +10, DAX +10, CAC +8, IBEX +17, DOW +1, S&P -0.2— Joe Rundle (@joe_rundle) July 24, 2013
Today is a day dominated by Markit's diffusion indices:
- Markit manufacturing and services purchasing's manager index data hitting us all morning. Kicking off with France at 07.58, the final Eurozone release is out at 08.58. The composite number is expected to improve from 48.7 to 49.3. At least than 50, that would imply that the area is still in contraction.
- Italian retail sales and trade balanace data out at 09.00.
- The UK sees the CBI industrial trends survey for July. Expected to improve from -18 to -12.
- Even more Markit data at 13.58. US manufacturing outlook is expected to stay flat at 51.9 for July.
- US new home sales at 15.00. Expected to rise from 0.476m to 0.485m after existing home sales disappointed on Monday.