Service PMIs

Anxiety Up ahead of U.S. Election and Greek Parliamentary Vote on Bailout

November 5, 2012

Share prices in Europe have slumped 1.3% in Spain, 1.1% in Italy, 0.8% in France, 0.5% in Britain and 0.4% in Germany. Equities in the Pacific Rim earlier closed down 0.8% in Indonesia, 0.6% in South Korea, 0.5% in Japan and Hong Kong, 0.4% in Taiwan, 0.3% in Singapore, and 0.2% in China and New […] More

More PMI Reports and a Monster Australian Trade Deficit

October 3, 2012

The dollar has gained 0.5% against the kiwi and 0.3% versus the Australian dollar.  Other dollar pairs are pretty stable.  The greenback is unchanged against the euro and yuan, up 0.2% relative to the loonie, and 0.1% firmer against the yen, Swissie and sterling. Japan’s Nikkei fell 0.5%, and Chinese markets remained closed in continuing […] More

Week Off to an Anxious Start

March 5, 2012

Share prices and commodities are lower, while the yen has strengthened.  Several factors are weighing on sentiment. The Chinese government revised down projected growth and did not foreshadow shifting policy priorities. Private sector involvement in Greece’s bond swap has been less than hoped. ECB stimulus has probably hit the end of the line. Euroland’s composite […] More

Watching Cannes Summit and Data Releases

November 4, 2011

Market attention today will be split between several key data releases and the G20 scramble to stop the Greek debt bomb.  Investors also continue to react to yesterday’s rate cut by the ECB. Meantime, changes in the dollar are generally modest, with upticks of 0.5% against the Swissie, 0.3% vesus the loonie, and 0.1% against […] More

More Confusion about Where Greece Stands

November 3, 2011

News from Greece seems to change by the minute.   Next week’s referendum has been put off until at least December 4.  Other Europeans want it to be a simple vote on whether Greece keeps the euro or not, but specific wording remains undecided.  A vote of confidence in Prime Minister Papandreou tomorrow is not a […] More

Service Sector Activity Accelerated in the U.S. but Slowed in Euroland Last Month

June 3, 2011

U.S. service sector activity partly recovered in May according to the purchasing manager survey after a sharp slowdown in April.  In Euroland, however, there was a slower pace of positive growth in May with only marginally rising activity in Ireland, Spain and Italy.  The U.S. minus Euroland PMI spread for services therefore narrowed by 2.5 […] More

Service Sector Purchasing Manager Surveys Released

May 4, 2011

Japan remained closed for Greenery Day, the third of four Golden Week holidays. Stocks fell by 2.6% in China, 2.4% in Pakistan, 1.3% in Singapore, 1.4% in Hong Kong and 0.9% in Australia and South Korea.  The British Ftse is down 0.5%.  The German Dax and Paris Cac are little changed, in contrast. The dollar […] More

Night of Surprises and Omens

April 5, 2011

The People’s Bank of China has implemented a fourth increase of its lending and deposit rates, lifting such in an unexpected move by 25 basis points to 6.31% and 3.25%.  Prior increases were done in October, December and January.  There have also been nine advances so far of the central bank’s reserve requirements, most recently […] More

Divergent Momentums in U.S. and Euro Area Service Sectors

October 5, 2010

Service sector purchasing manager indices printed less than a point apart last month in the United States (53.2) and Euroland (54.3).  The scores signify moderate rates of expansion in both regions, but that’s where any similarity ends.  The U.S. index advanced 1.7 points above the August reading and was 1.2 points better than forecast.  The […] More

U.S. Minus Euro Area Services PMI Spread Swings Into Black

March 3, 2010

The relative positions of the U.S. and Euroland economies remained little changed in February as seen in the right-most column of the table below.  Reported manufacturing PMIs on Monday revealed a sharply diminished U.S. advantage, in part reflecting the lagged effect of euro depreciation on competitiveness.  Service-sector purchasing manager indices out today show an offsetting […] More