Thursday, November 01 08:52:57
The ISEQ is up a little this morning at 3,251, up 3 points as most European exchanges are closed for the holiday although economic data continues to flow. Chinese output figures were good and that lifted Asian markets overnight. Davy Stockbrokers surveys the scene:
Markets saw mixed trading yesterday, with the DJIA closing -0.08pc after initially rising following the two-day closure, while the S and P 500 closed up 0.02pc. In Europe, markets were down with the FTSE 100 closing down 1.15pc and the STOXX 50 down 0.49pc. With many European markets closed today for a public holiday, analysts will focus on PMI data for the UK and Spain with manufacturing expected to have declined in both countries again in October.
Asian markets were up overnight on positive Chinese PMI numbers, the official index improving to 50.2 from 49.8 and the HSBC index to 49.5 from 47.9. Later, US ADP employment data for October (+140,000 jobs expected) should provide a guide to the crucial official government numbers due to be released before election day.
In figures released yesterday afternoon, the main index of Irish consumer sentiment improved to 60.9 from 60.2, a welcome stabilisation after sharp falls in September on the back of negative news-flow from Europe. The current expectations index also rose to 79.5 from 77.6, but consumer optimism for the future fell to 48.4 from 48.6 as the three-month rolling indices are also down on September. Unemployment data for October, released later this morning is unlikely to reveal much improvement in the Irish labour market. The unemployment rate stood at 14.8pc in September with 435,200 on the live register according to Davy Stockbrokers