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.

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