British FTSE 100 rises, American futures mixed ahead of ISM
FXstreet.com (Barcelona) – May is starting with thin trading as most European stock markets are closed for Labor Day. The British FTSE 100 is open and rises by 0.25%, despite the slowing manufacturing PMI in the UK, from 51.9 (revised from 52.1) to 50.5 (consensus of 51.5). A very slow expansion, close to stagnant in April.
Futures for the SP 500 and Nasdaq 100 are signaling a lower open by around -0.10%, while Dow Jones 30 is little above flat. ISM manufacturing data in the US is the main course of the trading day, with an expected drop from 53.4 to 53.0 in April.
In the Asian session, the Australian central bank RBA announced a 50bp rate cut from 4.25% to 3.75% to help the economy: “This decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated”, wrote Governor Glenn Stevens.
Crude oil trades around $104.50, down by -0.37%. Gold dropped by -0.18% to $1661.20.