Summary:
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Philly Fed and IJC disappoint
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US benchmarks ignoring European weakness
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US30 still near all-time high of 28346
A couple of data points from the US have come in worse than expected ahead of the Wall Street open with the most recent look at manufacturing and the labour market both disappointing. The Philly Fed manufacturing index dropped to 0.3 from 10.4 previously, lower than the 8.1 expected. At the same time the weekly initial jobless claims came in at 234k vs a consensus forecast of 225k, down from 252k prior.
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There’s been some clear weakness in European markets in recent trade but for now the US seems to be looking through this and holding up pretty well. The DE30 has declined by around 250 points in recent trade but the US500 continues to trade close to its highest ever level and just below 3200 ahead of the opening bell. Source: xStation
Looking ahead there’s some more data due at 3PM GMT with the existing home sales for November expected to show 5.44M after 5.46M prior.
The US30 is trading around 70 points from its record peak of 28346 at the time of writing with a rising trendline over the past week showing a series of higher lows. Source: xStation
