Daily Market Color 07/02/2013

Daily Market Color

07/02/2013

Economic Reports & Headlines

The Reserve Bank of Australia (RBA) issued there monetary policy announcement which was uneventful. RBA left rates unchanged, as expected.

The PMI numbers continued to flow in, this time it was construction PMI from the UK. The report came in just below consensus, 51.0 Vs 51.1.

On the domestic front in the US, factory orders in May grew 2.1% on a monthly basis. Consensus was calling for an increase of 2.0%.

Overseas in Japan, June’s PMI composite report was issued and it showed that the expansion in Japan’s service sector was slowing down relative to the previous reading, 52.1 Vs 54.8.

Australia’s trade surplus in May was relatively higher than economists’ expectations, $670 million Vs $600 million.

May retail sales in Australia was lower than expected on a monthly basis, 10 basis points Vs 30 basis points.

The PMI reports kept rolling in. China’s services PMI report for June was practically in line with May’s reading, 51.3 Vs 51.2.