1. Asia – China/HK closed for today’s 70th anniversary of the end of WW2 conflict in the region and related parade. In Japan services PMI at its highest point since October 2013. Surprisingly good given lots of shabby data out of Japan recently.
2. My tweet on the European services PMI numbers:
Euro PMIs, 3 up, 2 down. No disaster...but no room for complacency. See comment from Markit , growth patchy at best
3. So the ECB press conference cut growth rates and for me hinted that more QE was likely. A couple of my tweets whilst listening to the conference call:
Draghi: 'use all instruments available sufficient flexibility re adjusting the size, composition & duration the programme’ = they'll do QE2
Draghi 'would test our credibility' if ECB change 2% inflation target. EZ ever more like Japan got print more. Much better structural reform
4. I write on Joy Global and Campbell's Soup. For differing reasons neither not that impressive currently (link here).
5. Finally, a reprise on the global services PMI. Not so hot...
...and tomorrow (Friday) we await the non-farm payrolls and the start of the G20 conference.