View this email online | Add newsletter@businessinsider.com to your address book
|
|
| | | | | | | Advertisement
 Good morning. It's going to be a busy day – here's what you need to know. - Markets in Asia were mixed in overnight trading. The Japanese Nikkei advanced 0.4 percent while the Hang Seng pulled back 0.6 percent. European markets are in the red with Italy currently leading the way, down 1.8 percent. In the United States, futures point to a negative open.
- China's official manufacturing PMI fell to 50.1 from 50.4 last month. Economists were expecting a slight tick up to 50.5. The HSBC China PMI tumbled to 50.4 from last month's 52.6 reading, but a drop at least to 50.6 was expected. Many analysts are quick to dismiss February economic data out of China due to the impact of the Lunar New Year holiday.
- Countries around the world are releasing manufacturing PMIs today. Japan's rose to 50.0 from 47.7 last month, and Australia's jumped to 45.6 from 40.2. Any PMI reading below 50, however, still indicates a contraction in output.
- New data out of the euro zone this morning paint a grim picture of the bloc's economic health. Manufacturing PMIs from France (43.9 from 42.9), Italy (45.8 from 47.8), and Spain (46.8 from 46.1) indicate that three of the euro area's four largest economies continue to face serious economic contraction. Unemployment in Italy rose to 11.7 percent from 11.2 percent – marking its highest level since 1992.
- The British pound is for sale this morning after the U.K.'s manufacturing PMI revealed a steep dive into contraction – the index fell to 47.9 from 50.5 last month. The pound is currently trading around 1.502 against the U.S. dollar, down 0.9 percent on the session.
- Automatic spending cuts triggered by sequestration go into effect today. There has been a lot of debate surrounding the sequester's ultimate impact. Markets seem to be shrugging it off as a non-event, but yesterday's Kansas City Fed survey of business conditions revealed that companies are taking it to heart.
- January personal income data, due out at 8:30 AM ET, are expected to show that incomes fell 2.4 percent after a surprise 2.6 percent surge in December related to increased dividend payouts ahead of the fiscal cliff. Economists predict that personal spending rose 0.2 percent in January after posting the same increase in December.
- U.S. manufacturing data kicks off at 8:58 AM with the release of Markit's final US PMI reading, which is expected to match the flash estimate of 55.2 released earlier this month. Then, at 10 AM, the monthly ISM Manufacturing survey is out. Economists expect the headline index to moderate to 52.5 from last month's 53.1 reading.
- Before that, though, we get the University of Michigan's final consumer confidence reading for the month of February. Economists expect the reading to match the preliminary estimate of 76.3 published two weeks ago, an advance from the previous month's reading that was well above expectations.
- Finally, at 10 AM, we get construction spending data, which is expected to reveal that growth slowed to 0.4 percent in January from 0.9 percent in December, and February auto sales figures are coming out all day long. Economists expect global auto makers to post sales of 15.1 million vehicles at a seasonally adjusted annualized rate. FOLLOW ALL OF THE DATA LIVE ON BUSINESS INSIDER >
- BONUS: Tina Fey wore a retro swimsuit on a trip to the pool with her kids.
Please follow Money Game on Twitter and Facebook. | | | | | | | |
|
If you believe this has been sent to you in error, please safely unsubscribe.
Facebook
Twitter
Digg
Reddit
StumbleUpon
LinkedIn
No comments:
Post a Comment