Google Tonight as US Markets Begin February

Steve Kanaval |

Stocks were mixed in Asian trade. The Nikkei was up two percent and Australia rose three quarters of a percent, but Shanghai fell one and three quarters percent and the Hang Seng was down about a half percent. European indexes are on offer this morning, with the DAX and Footsie both down a bit more than one percent. US stock futures are down about two thirds of a percent as I write.

*The January reading of China’s manufacturing sector Purchasing Managers Index is 49.4; down three tenths from the month before and a couple of tenths less than forecast. It is the lowest level in three and a half years; the sixth in a row below fifty. The service sector PMI for January was 53.5, down 1.1 from the month before.

*The final January reading of the Euro Zone’s manufacturing PMI is 52.3, unrevised from the preliminary report. In France the reading was also unchanged, this at 50.0; but in Germany the result was revise a couple tenth higher to 52.3.

*The January reading of Switzerland’s manufacturing PMI is 50.0, down four tenths from the previous month, but that result was revised down from 52.1 to 50.4; January was expected to be 51.1.

*The January reading of the UK manufacturing PMI is 52.9, more than one point higher than forecast

*Quarterly earnings reports are ongoing; Alphabet (GOOGL) is due out after the close.

*The December reading of Personal Income and Spending is due out at 7:30am CST. Income is expected to be +0.2% on the month and the estimate for Spending is +0.1%. The December reading of the PCE Deflator is forecast to be unchanged on the month and +0.6% on the year, while the estimates for the Core PCE are +0.1% and +1.4%, respectively. The January reading of the ISM Manufacturing Index is due out at 9:00am CST, it is expected to be a tenth higher on the month at 48.4 and the Prices Paid component is forecast to be 35.0, up 1.5 points from the month before. Also due out at 9:00am is the December reading of Construction Spending, the estimate is +0.6% month on month.

*Fed Vice Chair Stanley Fischer is scheduled to talk about recent developments in the US economy and monetary policy at noon CST at a Council on Foreign Relations event.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


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