Trading in the U.S. markets were subdued as equities, and some other exchanges were closed due to the National day of mourning for the former President George H. W. Bush.
In the Eurozone, the services PMI showed a modest increase in activity as the index rose to 53.4 beating estimates of 53.1 and advancing from the month before. Retail sales data also came out better, rising 0.3% on the month although previous month’s report was revised lower to show a 0.5% decline.
The Bank of Canada held its interest rates unchanged at 1.75%. The Central Bank flagged concerns about the trade which sent the Canadian Dollar to post losses on the day.
Earlier in the day, Australia’s retail sales showed a 0.3% increase for November. The data matched estimates but previous month’s retail sales numbers were revised lower to show a 0.1% increase.
The European trading session will start with the German factory orders which are forecast to shrink 0.4% in November. This follows a 0.3% increase the month before.
The NY trading session will see the release of the private payrolls report from ADP. Forecasts point to private payrolls rising 196k in November. This follows a 227k increase the month before. The Bank of Canada governor, Stephen Poloz is due to speak later in the afternoon.
ISM’s non-manufacturing PMI is due later and is forecast to show an increase to 59.2 for November. This marks a modest slowdown from 60.3 in the previous month. Factory orders in the U.S. are set to fall 1.9% on the month.
