Summary:

  • UK manufacturing PMI slows down but GBP remains unimpressed

  • Optimism returns to the global stock markets

  • Bitcoin plummets well below $10k mark

European stock markets kicked off Thursday with solid gains. However, as the time flies they are being erased. A vast array of manufacturing PMI prints is scheduled for today with European ones already being released. Euro advances being the strongest currency amid G10 basket while the AUD declines severely being the weakest. Oil prices rise ignoring the major build up in inventories reported by DOE yesterday.

The first out of three PMI readings from the UK economy was released earlier today and showed deceleration from 56.2 (revised down from 56.3) to 55.3 whereas economists surveyed by Bloomberg had anticipated a subtle jump to 56.5. Either way, do remember that the manufacturing sector makes up approximately 10% of the British economy so an impact on the domestic assets might be contained.

It is worth mentioning that the whole virtual currency block capitalization tumbled from $614 billion to $512 billion during the first month of the year. It underlines how volatile digital currencies could be and shows that the future moves are heavily dependent just on interest.

Stock markets in Europe opened higher amid upbeat moods seen on the other continents. The gains can be seen on all the major stock benchmarks from the Old Continent with banking and technology sectors leading the gains. Elsewhere, UK Prime Minister Theresa May opposed EU attempts to prolong protection for its expats until 2021.

In line with market anticipations the Federal Reserve left all rates at the same levels making some subtle changes to the statement. Major attention was paid to an additional word ’further’ which the FED inserted saying that the economy is going to warrant further gradual increases in rates.

Today’s macro calendar is filled with the manufacturing PMI prints from all over the world. Readings from the European economies and the Eurozone as a whole have already been released. In the afternoon investors’ attention will be drawn to the labour market data from the US as well as ISM manufacturing print.