EU mid-market update: Soft PMIs give 'data dependent' ECB another reason to cut rates again; Record triple witching for US indices/options.
EU mid-market update: Soft PMIs give 'data dependent' ECB another reason to cut rates again; Record triple witching for US indices/options. Notes/observations - European flash PMIs for June were surprisingly weak. All components for Euro Zone, Germany and France missed estimates. Latest risks see French firms concerned over upcoming elections. PMIs weighed on Euro. UK PMI was mixed, manufacturing holding up while services missed estimates for lowest reading since Nov 2023.
Market focal points/key themes: European indices open lower across the board and remained downbeat through the early part of the session amid weaker-than-expected flash PMIs releases from France, Germany and EU; among sectors leading the way lower are Construction & Materials and Banks ; materials; Healthcare sector trending positive in the wake of Zealand Pharma data on its next-gen weight-loss compound petrelintide; on corporate front, shares of German battery maker Varta trade lower over...
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