What you need to know before the open – 02/01
It's the first session of 2014, and European bourses are set to creep higher following their best year since 2009.
Quieter trading (several markets are still closed for holidays) and weaker Chinese data are likely to cap gains today, with manufacturing sector data in focus.
Mike van Dulken of Accendo Markets comments:
FTSE 100 called to open flat at 6765, with positive New Year sentiment held back by a more-than-forecast slowing in December Chinese Manufacturing PMI growth, suggesting moderating Q4 growth and reviving fears that the world’s #2 economy may struggle to sustain the GDP momentum desired while implementing the reforms required.
Key events:
- Spain Markit purhcasing managers' index (PMI) for December at 8.13am. Expected at 49.8 from 48.6.
- Italy Markit PMI for December at 8.43am. Expected at 51.8 from 51.4.
- France Markit PMI for December at 8.49am. Expected at 47.1 from 48.4.
- German Markit PMI for December at 8.53am. Expected at 54.2 from 52.7.
- EU Markit PMI for December at 8.58am. Expected at 52.7 from 51.6.
- Greece Markit PMI for December at 8.58am.
- UK Markit PMI for December at 9.28am. Expected at 58.0 from 58.4.
- US initial jobless claims (27 December) at 1.30pm. Expected at 334,000 from 338,000.
- US Markit PMI for December at 1.58pm. Expected at 57.0 from 57.3.
- US ISM manufacturing PMI for December at 3.00pm.