2 Dec 2013
European open: Chinese PMIs start the week strongly
FXstreet.com (London) - Stock markets were mixed, with the Nikkei dropping slightly, down 0.04 percent while the Hang Seng gained 0.48 percent.
Overnight saw a mixed bag of data for Australia, but the Aussie dollar was lifted on the rising tide from stronger than expected Chinese Purchasing Manager Index numbers released yesterday.
Building approvals for October fell 1.8 percent, against market expectations of a 5 percent drop and. Annual building consents are running at 170k versus the long-run average of 162k. House prices rose 0.1 percent, up 8 percent year on year.
September quarterly inventories fell 0.5 percent, down from market expectations for a flat print quarter-on-quarter.
The numbers come ahead of tomorrow’s Reserve Bank of Australia meeting, at which the central bank is expected to keep its benchmark rate unchanged at a record low 2.5 percent.
According to numbers released by the National Bureau of Statistics and China Federation of Logistics and Purchasing, Chinese PMI for November was 51.4, matching October’s print – an 18-month high. A separate PMI print from HSBC/Markit beat market expectations of 50.4 for a print of 50.8 in November.
AUD/USD climbed to a high of USD0.9163 while NZD/USD climbed to USD0.8224, up 0.52 percent and 1.18 percent respectively.
In Europe, initial PMI manufacturing numbers from Spain and Italy are due, with final readings for France and Germany.
In the UK, strong momentum could see consensus expectations of a 56.2 PMI beaten.
Overnight saw a mixed bag of data for Australia, but the Aussie dollar was lifted on the rising tide from stronger than expected Chinese Purchasing Manager Index numbers released yesterday.
Building approvals for October fell 1.8 percent, against market expectations of a 5 percent drop and. Annual building consents are running at 170k versus the long-run average of 162k. House prices rose 0.1 percent, up 8 percent year on year.
September quarterly inventories fell 0.5 percent, down from market expectations for a flat print quarter-on-quarter.
The numbers come ahead of tomorrow’s Reserve Bank of Australia meeting, at which the central bank is expected to keep its benchmark rate unchanged at a record low 2.5 percent.
According to numbers released by the National Bureau of Statistics and China Federation of Logistics and Purchasing, Chinese PMI for November was 51.4, matching October’s print – an 18-month high. A separate PMI print from HSBC/Markit beat market expectations of 50.4 for a print of 50.8 in November.
AUD/USD climbed to a high of USD0.9163 while NZD/USD climbed to USD0.8224, up 0.52 percent and 1.18 percent respectively.
In Europe, initial PMI manufacturing numbers from Spain and Italy are due, with final readings for France and Germany.
In the UK, strong momentum could see consensus expectations of a 56.2 PMI beaten.