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Eurozone and UK PMIs Grab the Limelight in Thanksgiving Quietude

Global financial markets are experiencing subdued activity in Asian session today, with market participants scaling back their activity in light of the Thanksgiving holiday. Major US stock indexes managed to close higher overnight, yet there's a palpable reluctance among investors to propel these indexes to new highs for the year. In contrast, Asian markets are demonstrating mixed reactions, oscillating within tight ranges without clear directional trends.

Australia PMI composite fell to 27-mth low at 46 4, but no real signs of hard landing

Australia's manufacturing and services sectors showed continued contraction in November, reaching multi-month lows. PMI Manufacturing index fell from 48.2 to a 42-month low of 47.7, while PMI Services index dropped from 47.9 to a 26-month low of 46.3. PMI Composite also decreased from 47.6 to a 27-month low of 46.4.

Sterling and Euro Rise on PMI Data in Consolidating Markets

PMI data are the main drivers in the forex markets today, particularly lifting Sterling and, to some degree, Euro to higher positions. The bounce in Sterling is chiefly attributed to UK services sector bouncing back into expansion territory, a sign of economic resilience. Additionally, the severity of manufacturing recession in UK seems to be diminishing, offering further support to the currency.

Australia s Judo Bank Composite PMI for November declines to 46 4 vs October s 47 6, a 27-month low

Australia s Judo Bank Composite PMI for November declines to 46 4 vs October s 47 6, a 27-month low
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Australian final manufacturing PMI for October: 48 2 (prior 48 7)

Australian final manufacturing PMI for October: 48 2 (prior 48 7)
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