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European bourses ease lower despite business activity booming, US data deluge coming - MarketPulse

European bourses ease lower despite business activity booming, US data deluge coming
Posted 4 hours agoSharePrint
After hitting fresh record highs earlier in the week, European bourses are edging lower on Thursday as investors digest upbeat European PMIs and look cautiously ahead to a US data deluge.
Britain’s service sector recorded the largest jump in activity in 24 years in May as lockdown restrictions continued to ease and customer-facing parts of the economy sparked back into action. The services PMI came in at 62.9, up from 60.7 in April and ahead of the 62.0 preliminary reading. This was the highest level seen since May 1997.

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Asian equities rally - MarketPulse

Asian equities rally
Asia markets higher after Wall Street gains
Asia Pacific stock markets are off to a positive start today on the back of positive regional data and Wall Street finishing on a positive note. Overnight, the S&P 500 gained 0.37%, with technology outperforming. The Nasdaq leapt by 1.54%, with the Dow Jones almost unchanged. Month-end rotation trades dominated proceedings after the ADP data and the Biden infrastructure package caused no ructions in the US bond market. I suspect the news was priced into financial markets at a much higher level than I expected, muting its impact.
President Biden announced the first details of his highly anticipated infrastructure programme overnight. The package itself totalled around USD2.25 trillion of spending over 10 years, with approximately USD1.60 trillion of corporate tax rises phased in over 15 years. Biden did not mention the expected hike in income taxes for higher earners or on capital gains taxes, which will be needed in order to pay for the massive package.

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