Markets Optimistic Ahead of Big Day
The first trading session of the third quarter is a heavy one for markets. Just one day ahead of the June employment figures, markets will get the closely watched ISM Manufacturing Index, the Pending Home Sales Index, the ADP private employment report, and more.
Prior to any of the data, the U.S. dollar is looking weaker, but equities are poised to recover from the Tuesday sell-off, and WTI crude is up $1.50 to just under $72 per barrel.
“Today brings a raft of potential market-moving reports on employment, the industrial sector, and the housing market,” said Ian Shepherdson from HFE. “When the dust settles, we expect the data to support our view that the post-Lehman crash in activity is over, but we don’t expect to see unambiguous evidence that a real recovery is underway.”
He added: “That likely won’t stop the markets from taking the recovery view, however.”
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