Markets have mostly traded in choppy, sideways fashion on Tuesday while waiting for the outcome of today’s FOMC meeting and then the NFP on Friday, with stocks moving sideways in a tight range and the dollar trading mixed against the other majors. The major interest of the day has been in WTI which fell another 2% on concerns that the OPEC deal to limit supply would be offset by an increase in global production, particularly from the US. In terms of data, the main feature of the day was the UK PMI manufacturing PMI, which jumped sharply to 57.3 in April, up from 54.2 and well above expectation of 54.0. This was the highest level in three years and helped to underpin Cable through the balance of the session.
Most of the focus today will be on the FOMC Meeting, but with no change in policy expected all the interest seems likely to be on the Statement, with no press conference from Janet Yellen is on the agenda. Elsewhere, the EU Provisional Q1 GDP will be closely watched, as will the US ADP Jobs data (exp +180k) coming ahead of Friday’s NFP figure (also exp +180k). Earlier in the day, the Q1 NZ Unemployment is up shortly (exp 5.2%, Change; +0.8%), which will be followed by the Australian AIG Services Index. Japan is beginning the Golden Week Holiday. The UK Construction PMI is also due.
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|INDICES / COMMODITIES|
|ASX SPI: 5928|