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03 Dec 2014

UK Services PMI Positive

Today’s upbeat UK services PMI data has revealed that macro activity in the nation remained well supported for November, particularly after the manufacturing PMI numbers showed an unexpected improvement earlier this week. However, the focus among market participants is likely to remain on the Chancellor’s autumn statement later today to gain a preview into the government’s budget for the coming year. In the Euro zone, today’s poor services PMI reports have put further pressure on the Euro and shifted market attention to Euro zone retail sales data to gauge the health of consumer morale in the region. Across the Atlantic, the ISM non-manufacturing PMI and ADP employment reports scheduled later today will hog the limelight in the latter half of the session.