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Free AccessMNI GLOBAL MORNING BRIEFING: US Services PMI to See Demand Fall
Thursday’s key focus will be the ISM services release in the afternoon, as markets see consumer demand drop-offs looming.
Germany Factory/Industrial Orders (0700 BST)
A softer contraction in Germany factory orders is on the cards for May, anticipated to see negative growth of -0.5% following the -2.7% m/m dive in April.
Eurozone / Germany / UK Construction PMIs (0830/0930 BST)
Construction sectors are likely to have taken another hit in June. German construction is seen softening further from the nine-month low of 45.4 seen in May. The surge in construction prices, material shortages and uncertain economic outlooks have the construction industry looking for a further downturn as demand slides.
The UK PMI is projected to slip 1.4 points to 55.0 in June, remaining substantially more optimistic and in expansive territory.
Spain Industrial Production (0900 BST)
Spain is also forecasted to see industrial production fall in the May print, with a -0.5% m/m contraction down from +2.1% m/m growth expected, in line with further new orders slowdown in sight.
Eurozone Retail Trade (1000 BST)
Following the April slump, retail sales are anticipated seeing a minimal recovery to +0.4% m/m from -1.3% m/m, however, compared with May 2021 a small -0.3% y/y dip is pencilled in. With June PMIs highlighting substantial drop-offs in demand as consumers see their real disposable income dissipating, retail demand outlooks for the upcoming months appear bleak.
US ISM Services PMI (1500 BST)
Following the final S&P global services PMI to confirm a 1.8-point decline to the January Omicron-wave level, the ISM services index should follow suit, estimated to soften 1.9-points to 54.0. The S&P release saw a notable drop-off in new orders, which highlighted falling demand for the first time since summer 2020.
Evidence of prices easing was apparent in the flash S&P survey, which points towards relief in inflationary pressures in upcoming prints.
The FOMC meeting minutes from the June 15 rash 75bp hike are due at 1900 BST this evening. Focus will be on any hints of likelihoods regarding 75bp hikes in the future. Also on today’s schedule is the BOE’s Huw Pill and Jon Cunliffe, as well as New York Fed President John Williams making appearances.Date | GMT/Local | Impact | Flag | Country | Event |
06/07/2022 | 0600/0800 | ** | DE | Manufacturing Orders | |
06/07/2022 | 0600/0800 | ** | SE | Private Sector Production | |
06/07/2022 | 0730/0930 | ** | EU | IHS Markit Final Eurozone Construction PMI | |
06/07/2022 | 0800/1000 | ** | ES | Industrial Production | |
06/07/2022 | 0810/0910 | UK | BOE Pill Speaks at Qatar Centre Conference | ||
06/07/2022 | 0830/0930 | ** | UK | IHS Markit/CIPS Construction PMI | |
06/07/2022 | 0900/1100 | ** | EU | retail sales | |
06/07/2022 | 1100/0700 | ** | US | MBA Weekly Applications Index | |
06/07/2022 | 1230/1330 | UK | BOE Cunliffe Panels Qatar Centre Conference | ||
06/07/2022 | 1255/0855 | ** | US | Redbook Retail Sales Index | |
06/07/2022 | 1300/0900 | US | New York Fed President John Williams | ||
06/07/2022 | 1345/0945 | *** | US | IHS Markit Services Index (final) | |
06/07/2022 | 1400/1000 | *** | US | ISM Non-Manufacturing Index | |
06/07/2022 | 1400/1000 | ** | US | JOLTS jobs opening level | |
06/07/2022 | 1400/1000 | ** | US | JOLTS quits Rate | |
06/07/2022 | 1800/1400 | US | FOMC Minutes |
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.