EU Daily Market Wrap - 1st May 2019

EU Daily Market Wrap - 1st May 2019


Today's Highlights

  • Major European Markets Closed due to Labor Day;

  • US ISM Manufacturing PMI plunges;

  • US Crude Oil back to record highs and huge build in stockpiles;

Macro Review

A relatively uneventful session with most of European Cash markets closed due to Labor Day. The major headlines for today saw the release of a worse than expected US Manufacturing PMI report still showing signs of weakness in this sector with the gauge for exports below 50 for the first time in 50 years and the measure for New Orders to its weakest level since 2016. The ISM Employment component fell also near its weakest level since 2016. Today we also had the release of US EIA Oil Inventories which rose for the 5th week in the last 6. At the same time Gasoline interrupted the 10-week stream of draws.  US Stock Indices traded range bound as investors await tonight FED assessment of forward guidance. European markets remained also around their weekly highs. Not a lot a activity overall.


The FX space was mainly led by a losses in the Dollar due to a weaker ISM Manufacturing PMI (52.8 vs 55 consensus) and profit taking ahead of tonight FOMC meeting. The rest of G10 counterparts traded mostly negative with AUD and NZD trading both negative after the release of worse than expected data overnight. JPY shot higher mainly led by losses in the greenback.

WTI Crude Oil slipped amid a bearish DoE report.

Gold traded mixed after an initial pop higher following the release of the ISM Manufacturing report.


The Day Ahead


  • AUD Home Sales (overnight);

  • GE Retail Sales (7.00 am);

  • UK BoE Interest Rate Decision (12.00 pm);

  • US Factory Orders (3.00 pm);

EU Close


Click HERE to review Apple Earnings and get ready for tonight's FOMC meeting.

In case you want to follow tonight's live FOMC meeting tune in our YouTube channel HERE with Head of Analysis Anthony Cheung and Associate Sam North.Meanwhile, find attached our preview to the event. Hope you enjoyed the session

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