Friday preview: Brexit, economic data dominate agenda
Away from the Brexit madness, traders will be kept busy with a slate of economic data on Friday.
Chinese manufacturing data, both private and official figures, will be among the raft of releases due. The official government purchasing managers’ index is expected to hold at 50.1 in June, while Caixin’s PMI is forecast to remain at 49.2. A reading below 50 signals a contraction while a level below that indicates an expansion.
US , European and UK manufacturing PMIs for June are also on the calendar. Markit’s UK PMI is expected to be unchanged at 50.1 and its US PMI is projected to be revised to 51.3 from 51.4. The eurozone manufacturing PMI is expected to be confirmed at 52.6 in Markit’s final reading. ISM’s index on US manufacturing is projected to reveal a reading of 51.0 in June, down from 51.3 the previous month.
Notably, data is expected to show Japan steeped further into deflation in May. The Japanese consumer price index is forecast to fall an annualised 0.5%, compared to a 0.3% dip in May.
The nation also sees the release of figures on household spending.
The US has construction spending data and the Baker Hughes rig count to add to its plate.
On top of the batch of economic reports, any developments on Brexit will be closely monitored, including any remarks from the contenders for prime minister including Theresa May, Michael Gove, Stephen Crabb and Liam Fox.
David Cameron’s successor will take over on 9 September and will need to decide on whether to invoke Article 50, which begins the formal process of Britain’s exit from the European Union.
On Thursday, Boris Johnson said he would not run for prime minister, to the surprise of the market.
Friday 01 July
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