UK construction PMI and Fed’s Kaplan amongst market movers today – Danske Bank

Research Team at Danske Bank, lists down the market movers for the day.

Key Quotes

“UK construction PMI (10:30 CET) may receive more attention than usual given that the final manufacturing PMI fell to 48.2, i.e. nearly four index points from June's 52.1 reading and even posting a further decline from the flash estimate of 49.1. No preliminary data on the construction PMI was released as part of the flash survey.

In the US, personal spending (14:30 CET) in June and light vehicle sales in July (expected during the day) are the data highlights.

Moreover, Dallas Fed President Robert Kaplan will be speaking in Beijing on economic conditions and implications for monetary policy (12:15 CET). In a Bloomberg interview yesterday, Kaplan said that a September rate hike is 'still on the table', while saying that the Fed is 'very watchful for the next number of data releases to see what trend we're on'. Thereby, he seems to be in line with New York Fed President William Dudley, who said yesterday that it is premature to rule out Fed rate hikes this year.           

The details of Japan's JPY28trn stimulus package are expected to be announced today, after the size of the package was revealed by Prime Minister Shinzo Abe in a speech last week.”