So we start August very much in the same way as we finished July. Banks earnings disappointing, tech saving the market and macro data going to dictate how we get along in what could be a bumpy month. Economic data finally bringing some hope to the table after having had disappointing GDP data last week. We had Eurozone PMI data out this morning and it beat estimates across the board. Spanish 53.5 (vs cons 52.3), Italian 51.9 (vs 51.2), French 52.4 (vs 52.0) and German 51.0 (vs 50.0) – Eurozone 51.8 (vs 51.1). The only exception was the UK with only a minor miss (53.3 vs 53.6). Worth pointing out (and slightly concerning) that the manufacturing employment keeps falling. Companies continue to operate below capacity and nearly all countries reported job cuts in the sector. We have Services and Composite PMIs out on Wednesday so let’s see if the data beats estimates as well.
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