Morning Wire TV – Daily Market Snapshot (video)
Markets are poised at a key juncture. The signals from the price action have been ambiguous in the past few trading sessions, while certain key (formerly) leadership stocks are sitting on, and struggling at, important technical support levels.
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The back-up in bond yields over February clearly damaged upwards momentum towards the end of the month. The key question now is: What’s next? How much have markets unwound their recent excesses? & Are they positioned for their next leg higher? Or indeed are they rolling over?
Key events today: There’s plenty of newsflow for the markets to focus on today. Markit’s PMI service sector data will be published for a range of European countries this morning and then for various North and South American countries later today.
The key US ISM non-manufacturing (i.e. services) sector survey is published at 3pm (London time). US ADP employment data is also out later (1:15pm) while the UK’s Chancellor will deliver his spring budget at 12:30 London time and the Fed publishes its Beige Book at 7pm this evening.