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Mercredi 2 Mai 2012

Market Comment - May 02, 2012


Market Comment - May 02, 2012
European equity markets are trading higher this morning on the back of better than expected US ISM data and the Dow Jones hitting the highest level since the end of 2007.

In Europe, German employment figures and PMI manufacturing data from individual European countries will take centre stage early on. German employment data is expected to continue to buck the overall trend seen in Europe in the last few months of rising unemployment with the unemployment rate remaining at a multi year low. PMI data unlike seen in the US yesterday are expected to show no major improvements instead are likely to stabilize at relatively low levels reflecting the overall notion of weak to negative economic growth across Europe.

In the afternoon traders will watch with special interest ahead of Friday’s US Nonfarm Payrolls the release of the ADP employment change index waiting to see if the recent trend of somewhat weaker employment data continues.

As the week progresses focus will increasingly turn to elections in France and Greece scheduled for May 6th, with many traders harboring severe doubts that a likely victory by Mr. Hollande has been fully discounted by European stock markets.

Markus Huber - Head of German HNW Trading - ETX Capital

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