The always awesome morning report via Newsquawk
Euro Market Open: A rebound in Chinese PMIs failed to spur a rally, IMF upgrades global growth
- APAC stocks declined following the weak lead from global counterparts, while a rebound in Chinese PMI data failed to inspire a rally in the region.
- IMF raised its 2023 global GDP growth forecast to 2.9% from 2.7% citing resilience in advanced economies and China reopening.
- European equity futures are indicative of a weaker open with the Euro Stoxx 50 -0.6% after the cash market closed down 0.5% yesterday.
- DXY is back on a 102 handle, AUD lags post-retail sales, EUR/USD and GBP/USD sit on 1.08 and 1.23 handles respectively.
- Looking ahead, highlights include German Retail Sales, French CPI (Prelim.), EZ GDP Flash, US Consumer Confidence, Supply from Italy & Germany, Earnings from KPN, Exxon Mobil, Marathon Petroleum, General Motors, Phillips 66, UPS, Pfizer, SYSCO, Caterpillar and AMD.