This week provided traders and investors with a wealth of key economic data, shaping the picture of global financial markets. From manufacturing activity indicators to crucial central bank decisions, the events of the past few days offered clear signals about the current state and prospects of the global economy.
United States:
● At 4:45 p.m. GMT, the Manufacturing PMI (May) was released. The actual value came in at 52.0, higher than the forecast of 50.2 and the previous 52.3. This indicates some reanimation in the manufacturing sector.
● At 5:00 p.m. GMT, the ISM Manufacturing PMI (May) was released. The figure stood at 48.5, which was lower than both the forecast of 48.7 and the prior 49.3. This signals a slowdown in manufacturing activity.
China:
● At 4:45 a.m. GMT, the Caixin Manufacturing PMI (May) was published. The value of 48.3 was significantly lower than both the forecast of 50.4 and the previous 50.7. This points to a notable contraction in China's manufacturing sector.
Eurozone:
● At 12:00 p.m. GMT, the Consumer Price Index (CPI) (year-over-year, May) was released. The index registered 1.9%, which was below the forecast of 2.2% and the previous 2.0%. This might signal a slowdown in inflation within the Eurozone.
United States:
● At 5:00 p.m. GMT, the JOLTS Job Openings (Apr) were published. The figure was 7.391M, higher than both the forecast of 7.200M and the prior 7.110M. This indicates that demand for labor remains relatively high.
United Kingdom:
● At 11:30 a.m. GMT, the Composite PMI (May) was released. The value of 50.3 was higher than both the forecast of 48.5 and the previous 49.4. This indicates a recovery in business activity in the UK.
United States:
● At 3:15 p.m. GMT, the ADP Non-Farm Employment Change (May) came out. The figure was only 37K, significantly lower than both the forecast of 60K and the previous 111K. This signals a substantial slowdown in private sector employment growth.
● At 4:45 p.m. GMT, the S&P Global Composite PMI (May) was published. The index reached 53.0, surpassing the forecast of 50.6 and the previous 52.1. This indicates a strong expansion of overall business activity.
● At 4:45 p.m. GMT, the Services PMI (May) was released. The value of 53.7 was higher than both the forecast of 50.8 and the previous 52.3. This indicates strong growth in the services sector.
● At 5:00 p.m. GMT, the ISM Non-Manufacturing PMI (May) was published. The figure was 49.9, lower than both the forecast of 51.6 and the previous 52.0. This points to a slowdown in services sector growth according to ISM.
Eurozone:
● At 3:15 p.m. GMT, the Interest Rate Decision (June) was announced. The rate was cut to 2.15%, matching the forecast but lower than the previous 2.40%. This is a key ECB decision aimed at stimulating the economy.
● At 3:15 p.m. GMT, the Deposit Facility Rate (June) was also announced. It stood at 2.00%, matching the forecast and representing a cut from the previous 2.25%.
Canada:
● At 3:30 p.m. GMT, the Trade Balance (Apr) was released. The deficit was -7.14B, significantly larger than both the forecasted deficit of -2.26B and the previous -1.40B. This indicates a worsening trade situation for Canada.
United States:
● At 3:30 p.m. GMT, the Non-Farm Employment Change (May) is expected to be released. The forecast is 127K, with the previous value at 177K. This data is among the most crucial for assessing the state of the labor market.
● At 3:30 p.m. GMT, the Unemployment Rate (May) is also due. The forecast is 4.2%, matching the previous value.
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