European bourses are trading higher this morning, despite Moody’s move to lower the eurozone’s credit outlook to negative on Monday, warning the region could lose its Aaa rating. The action was viewed as providing further pressure on the ECB to make good on its early-August pledge to protect the euro and lower funding costs among the troubled peripheral nations, Italy and Spain. The eurozone data continues to show economies there struggling, with recessionary times not far ahead. Manufacturing contracted for the 13th straight month in August, as Markit’s PMI number for the eurozone was revised lower to 45.1 from an initial print at 45.3, slightly improved from July’s 37-month low of 44.
Data throughout the week will be examined through the kaleidoscope of Fed-fracturing, culminating, of course, with the employment data set for Friday reporting. Weeklong posts on August employment and weekly jobless filings are expected to shift investor sentiment. The Thursday reports on ADP employment change, a precursor of Friday’s NFP, are forecast at 140K versus 163K in July. Challenger Job cuts post also is due out Thursday. The weekly jobless claims number may show a 4K-drop to 370K from 374K. Friday’s showing is estimated at a130K-headline number, down from 163K previous; private payrolls are estimated at 145K, slipping from 172K in July. August’s unemployment rate is widely expected to remain unchanged at 8.3%.
发表于 2012-9-4 10:04
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发表于 2012-9-4 10:29
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发表于 2012-9-4 10:45
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