|
v US
employment and manufacturing data are stronger than markets
expectation
v Malaysia
headline PMI posts its weakest reading in 32 months
v Manufacturing
sector in most Asian countries continue to deteriorate in June
v Japan's
Tankan Large Manufacturing Index hit its highest level since March 2014
v Consumer
prices in South Korea up 0.7% on year in May
v Indonesia's
consumer prices accelerate in
June
|
|
OVERNIGHT MARKET
UPDATE:
|
·
US ISM manufacturing index increased to 53.5 in June from 52.8.
The details of the survey were solid with new orders and employment components
rising to their highest level since December. Overall, it appears that
manufacturing activity is showing tentative signs of stabilisation following
the weakness earlier in the year. The ADP employment report rose 237,000 in
June following the revised 203,000 (previous: 201,000) in May.
·
The Eurogroup held a conference call overnight to discuss
Athens’ latest communication but there were few details from it. Chairman
Dijsselbloem confirmed that there would be no further meetings until after the
referendum. The ECB left Emergency Liquidity Assistance (ELA) unchanged at
EUR89 billion and can review this provision and the haircuts applied to Greek
collateral at any time.
·
UK June manufacturing PMI fell to 51.4 in June, the weakest
print since April 2013 as production and new orders logged slower growth.
·
Currency Market – USD found broad strength overnight as US data
continued to make the case for September Fed
‘lift-off’.
·
US Treasuries also sold off across the curve, with 10-year
yields increasing 7 bps, as the latest developments regarding the Greek debt
crisis led to some optimism about a potential
deal.
·
Global equity markets were positive, led by European bourses.
While in US, the Dow Jones and S&P 500 were up
0.7%-0.8%.
·
Oil prices fell sharply after the EIA data announcement. The US
crude inventories was reported to rise by 2.4 million barrels last week,
against market expectations for a decline. Iran is near a deal to ease oil
sanctions after almost two years of talks.
Gold prices slipped for a second straight session to end at a near
four-week low on the upbeat ADP employment data for June.|
INDICATIVE MAJOR CURRENCIES
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