EU Markets Open Higher
Top 3 Data Releases To Watch Out For
Mon, October 2: In Today’s Markets…
1. European Markets Open Higher As Spanish Stocks Slide On Catalan Crackdown
European stocks started the month higher on Monday morning as investors looked to fresh data releases. Major indices like Germany’s DAX (GER_T30), UK’s FTSE 100 (GBR_100), France’s CAC 40 (FRA_40) and Europe’s Euro Stoxx 50 (EUR_50) were seen edging higher across the charts with most sectors moving in positive territory. However, Spain’s Ibex dropped more than 1.3 percent in early trading, as investors worried about an independence vote in Catalonia, Spain. Spanish stocks are also seen trading lower for the day. Catalonia has announced that 90 percent of its residents voted in favour of independence while it should be noted that Spanish national authorities have commented that the referendum was in fact illegal. Catalan officials have stated that more than 800 people were injured during clashes with the police, which tried to prevent people from voting.*
2. Dollar Higher Against The Euro On Catalan Aftermath
The dollar edged higher on Monday, gaining against the euro and other major counterparts as investors monitored an independence vote in Spain’s Catalonia. The euro edged down 0.6 percent to $1.1749 as of 7:00 GMT this morning, as markets focused on a turbulent situation in Spain, where police used batons and rubber bullets to thwart a Catalan independence vote on Sunday.**
3. Top 3 Data Releases And Events To Look Out For This Week
Here are the top three biggest events on the Economic Calendar that are most likely to affect the markets this week:
1. U.K. PMI’s: The U.K. will release a set manufacturing sector activity data, for September at 08:30 GMT on Monday, followed by a report on the construction sector on Tuesday and the service sector on Wednesday. The U.K’s manufacturing PMI is forecast to dip, construction activity is expected to weaken, while the services sector is forecast to hold steady. It should be noted that weaker PMI readings tend to have a negative effect on GBP pairs.
2. Fed Chair Yellen’s Speech: After signaling a possible increase in key interest rates in December, Fed Chair Janet Yellen will keep all eyes on her during her speech at a community banking conference at 19:15GMT this Wednesday.
3. U.S. Employment Report: The U.S. Labor Department will release its September nonfarm payrolls report at 12:30 GMT on Friday with forecasts pointing to a weak reading. A weaker than expected NFP is seen as a negative signal for the USD pairs which are most likely to tumble.***
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