10h AM

Good Morning!

European shares are trading lower this morning coming under pressure from very weak Asian markets where a closely watched Chinese PMI showed a surprise steep drop. While a slowdown in China's economy is widely expected and priced into share prices today's numbers seems to confirm what some had already feared that the slowdown might be much more pronounced than originally thought.

But not only the extent of the slowdown is worrying to traders but also the uncertainty concerning depth and length of it. In contrast comments by ECB chief Draghi taken from an interview with a newspaper where he is confirming that things are getting better for the Euro-zone while the overall economic picture is still fragile and has a long way to go till things are back to pre-European financial crisis levels is helping markets a bit this morning to somewhat mitigate the fallout from Asia.

First half of the trading day today traders are keeping an eye out for manufacturing PMIs of individual Euro-zone countries and the Euro-zone as a whole which pretty are expected to a show moderate improvements and confirm Draghi's comments. In the afternoon focus will yet again shift to the US earnings season where Microsoft and McDonalds are reporting figures, furthermore weekly jobless claims and US Leading Indicators are also being released. Leading indicators for Dec. might not necessarily provide a clear picture of the economy due to the extreme weather in December. Overall not much has changed what European markets are concerned, technically the last few days can still be considered as markets taking a healthy breather at elevated levels after the sharp run up during the past month.

Thank you.

Kind regards

Markus Huber | Senior Sales-Trader/Senior Analyst
Peregrine & Black
www.peregrineblack.com

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