Today’s Stock Exchanges, July 5th. Services are holding back in China, weak price lists
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Futures down slightly for European trading and a slight drop also for the prospect of a restart on Wall Street, which returns to trading after July 4th. The day’s data that could guide investors concern the PMI indices of services and producer prices in the Eurozone, waiting to read the minutes of the Fed in the Italian evening.
For the moment, weak indications have come from China, where the Caixin PMI services index fell to 53.9 points in June: it is above the neutral threshold of 50 points, but below forecasts.
Tokyo closes down 0.25%
The Tokyo Stock Exchange closed the session slightly down, with no significant indications from Wall Street, after the day of public holidays in the United States, with investors awaiting new macroeconomic indications from the US labor market. The Nikkei marks a negative change of 0.25% to 33,338.70, losing 83 points. On the foreign exchange market, the yen changed little against the dollar at 144.60, and against the euro at 157.30.
Services in China are holding back
China’s Caixin services PMI slowed in June to 53.9 points from 57.1 in May, also weaker than forecasts of 56.5. Activity still remained above the 50 level, which marks the expansion, but it is one of the lowest figures of the year, the second since January, the month that started a gradual return to normal in China after three years of health restrictions for Covid. Despite a slowdown in demand in June, employment in the services sector continued to grow for the fifth consecutive month, Caixin noted. For its part, the composite index, which combines services and manufacturing, also fell in June to 52.5 points, against 55.6 the previous month, the fastest pace for more than two years. “The recovery in China lacks a pivot to compensate for the lack of engine in the domestic market, the weakness of demand and the darkening of the economic outlook” at the international level, notes economist Wang Zhe for Caixin.
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