Futures down slightly for European trading and a slight drop also for the prospect of a restart on Wall Street, which returns to trading after July 4th. The day’s data that could guide investors concern the PMI indices of services and producer prices in the Eurozone, waiting to read the minutes of the Fed in the Italian evening.
For the moment, weak indications have come from China, where the Caixin PMI services index fell to 53.9 points in June: it is above the neutral threshold of 50 points, but below forecasts.
10:58
Hong Kong closes down 1.57%
The Borsa in Hong Kong closed the session negatively in the wake of ai disappointing data on services PMI for June which fueled doubts about the strength of the Chinese economy: the Hang Seng index yields 1.57%, at 19,110.38 points. In the lists of Shanghai and Shenzhen also slowed down whose Composite indices decreased by 0.69% and 0.84%, respectively, to 3,222.95 and 2,051.52 points. The PMI index services sponsored by Caixin marks a June in China a new slowdown to 53.9, down from 57.1 in May, slipping to the lows of January, although remaining in an expansionary phase above the 50 level for the sixth month in a row. The data feeds new fears about the resilience of the economyunable to restart after the removal of the anti-Covid restrictions, ultimately discounting the moderation of demand.
09:54
Weak Milan at the opening with the European Stock Exchanges
Milan is weak (-0.25%) like the other European stock exchanges which, like the Asian stock exchanges, take note of the failed restart of the Chinese economy confirmed by the PMI index of services in China, and await the indices of purchasing managers in the services sector in the eurozone countries. However, the focus is mainly on the Fed minutes tonight as Wall Street reopens after its Independence Day break.
In Piazza Affari the best is Saipem (+1.38%) followed by Unicredit (+0.83%) and Inwit (+0.8%). On the other hand, Banca Generali (-1.36%) and, again in asset management, Fineco (-0.83%). Stm then yields (-1.14%). They do worse than the Generali index (-0.5%) and Mediobanca (-0.4%).
08:16
Tokyo closes down 0.25%
The Tokyo Stock Exchange closed the session slightly down, with no significant indications from Wall Street, after the day of public holidays in the United States, with investors awaiting new macroeconomic indications from the US labor market. The Nikkei marks a negative change of 0.25% to 33,338.70, losing 83 points. On the foreign exchange market, the yen changed little against the dollar at 144.60, and against the euro at 157.30.
07:39
Services in China are holding back
China’s Caixin services PMI slowed in June to 53.9 points from 57.1 in May, also weaker than forecasts of 56.5. Activity still remained above the 50 level, which marks the expansion, but it is one of the lowest figures of the year, the second since January, the month that started a gradual return to normal in China after three years of health restrictions for Covid. Despite a slowdown in demand in June, employment in the services sector continued to grow for the fifth consecutive month, Caixin noted. For its part, the composite index, which combines services and manufacturing, also fell in June to 52.5 points, against 55.6 the previous month, the fastest pace for more than two years. “The recovery in China lacks a pivot to compensate for the lack of engine in the domestic market, the weakness of demand and the darkening of the economic outlook” at the international level, notes economist Wang Zhe for Caixin.
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2023-07-05 13:39:00
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