Stocks Higher Overnight as Brexit Now Part of Vocabulary

Lou Brien  |

Stocks were higher across Asia. Shanghai was up 2.3%, Australia rose one percent, while the Hang Seng and Nikkei were both up 0.9%. European indexes are well bid this morning with the DAX up 1.8% and the Footsie better by 1.3% at the moment. US stock futures are one percent higher as I write.

*UK Brexit vote is set for June 23; London Mayor Boris Johnson supports leaving the EU.

*The preliminary February reading of the Euro Zone manufacturing sector Purchasing Managers Index is 51.0; down from 52.3 the month before and one point under the forecast, according to Markit. The service secotr PMI was 53.0, a fraction less than the estimate and six tenths under the previous month. In France the manufacturing PMI was 50.3, slightly better than expected, but the services reading was 49.8, slightly worse than expected; and in Germany the manufacturing PMI was down two points at 50.2, worse than forecast, but the services was a few tenths better than the estimate at 55.1.

*The January reading of Switzerland’s Producer and Import Prices is -0.4% on the month and -5.3% on the year; both results were one tenth more deflationary than expected.

*The Chicago Fed National Activity Index is due out at 7:30am CST, it is expected to be -0.10, a slight improvement from -0.22 the month before.

The opinions expressed herein are strictly those of Lou Brien, and not necessarily those of his employer, DRW Holdings, LLC, and are intended solely for informative purposes. The information and opinions contained herein (“Information”) are derived from sources believed to be reliable but such reliability has not been verified by DRW Holdings, LLC and its accuracy is in no way guaranteed. Under no circumstance should the Information be construed, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities, securities, options or futures nor does the Information constitute investment advice or recommendations regarding particular financial instruments, investments, or products. Any decision to buy, sell or trade in such commodities, securities, options or futures should not be based upon the Information.

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