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Europe will likely hijack control of global markets again Thursday.
“The Street would love to trade on the relative strength of our current economic landscape. It’s significantly more encouraging than looking overseas to Europe. Europe has a way of taking the headlines and really driving the conversation. It doesn’t help that our data isn’t really strong enough to take over the headlines,” said Peter Kenny of Knight Trading.
Weekly jobless claims and durable goods, at 8:30 a.m. ET are the key U.S. economic reports. Claims are expected to be 370,000, even with last week’s level. But traders will also be watching around the world as flash PMI manufacturing data is released for Germany, France and the euro zone.
“I think those trading the euro are a little concerned about this data. The German PMI was a pretty big stunner last month at 46.2,” said Robert Sinche, global head of foreign exchange strategy at RBS. Like the U.S. ISMs, a reading under 50 indicates contraction.
Sinhe said China's HSBC Flash PMI, the earliest indicator of China's industrial activity, which retreated to 48.7 in May from a final reading of 49.3 in April , will potentially move markets.
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