Stocks in Europe were seen trading higher on Tuesday as investors focus on the monthly reports on final services PMI’s for April from some region’s major economies.
The European Euro Stoxx 50 rose 0.12% higher to trade at 3,175.50 at the time of writing, while the German DAX gained 0.11% to 9,539.80. At the same time the French CAC 40 edged 0.17% higher to 4,470.30, while the UK’s benchmark FTSE 100 slid 0.12% to 6,814.30.
Services PMI
The eurozone’s services PMI for April rose to a three-year higher. Eurozone’s final Purchasing Managers’ Index (PMI) for the services sector climbed 53.1 points in April, expanding for the ninth month in a row.
In Spain, the nation’s services Purchasing Managers’ Index (PMI) for April advanced from 54 points to 56.5 points in April, surpassing analysts’ forecast of 54.2 points.
Italy’s services PMI expanded to 51.1 points from the previous figure of 49.5 points in March, while analysts forecasted a reading of 50.5 points.
Germany’s services sector grew to 54.7 points in April from 53 points in the previous month, but missed analysts’ estimates of a 55 rise.
In France, the country’s services PMI reading came in at 50.4 points in April, dropping from the previous reading of 51.5 seen in March, however slightly above analysts forecast of 50.3.
While analysts wait for the services PMI from the UK, analysts are expecting to see a slight rise to 57.8 points from the 57.6 in March.
Stocks – Asia
Stock markets in Asia were mostly closed on Tuesday for public holiday. With the markets in Japan closed for Greenery Day while South Korea’s stock market closed for the second day this week and Hong Kong were shut for the celebration day of Buddha’s birthday.
The mainland Chinese benchmark Shanghai Composite climbed 0.47% higher to 2,036.83 at the time of writing after Monday’s fall after the China’s manufacturing gauge contracted for the fourth month in a row.
HSBC’s Purchasing Managers’ Index (PMI) for April came in at 48.1 from 48.3, coming in lower than analysts forecast of 48.4. Readings below 50 indicates contraction.
Stocks – Australia
Sydney’s benchmark S&P/ASX 200 index rose 0.28% higher trading higher at 5,477.70 at the time of writing, while the Reserve Bank of Australia (RBA) decided to hold its benchmark interest rate at a record-low 2.5%.
“There has been some improvement in indicators for the labour market,” RBA Governor Glenn Stevens said in a statement accompanying the decision. “But it will probably be some time yet before unemployment declines consistently.”
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