Before the open – 03/09
The markets haven't yet opened, and it looks like the Microsoft-Nokia tie-up is going to be today's big story. Nokia shares are being called up between 25 and 40 per cent.
With little else happening after US markets were closed for Labour day yesterday, and talk on Syria pushed back until 9 September, we may have a quiet day ahead.
Morning all! Cautious open expected this morning, ahead of a very busy end to the week. FTSE seen up 17 pts, CAC up 2 pts and DAX up 29 pts
— Craig Erlam (@Craig_AlpariUK) September 3, 2013
After a rally yesterday, we call the FTSE flat at the open. All eyes on Nokia as Microsoft splash the cash on the phone maker.
— Lee Sergio Garcia (@LeeSergioGarcia) September 3, 2013
Key events:
- Spanish August unemployment change at 08.00. Expected to fall to -5,200 from -64,000 last month.
- UK August construction PMI at 09.30. Expected to fall from 57.0 to 56.9.
- Eurozone July PPI at 10.00. Expected to rise from zero per cent to 0.1 per cent.
- US August Markit manufacturing PMI at 13.58. Expected to fall from 53.7 to 54.0.
- US August ISM manufacturing PMI at 15.00. Expected to fall from 55.4 to 54.5.
- US July construction spending at 15.00. Expected to rise to 0.3 per cent from -0.6 per cent.