Flash PMI reports, the first quick peek at September economic conditions, have been disappointing. Both Flash Manufacturing and Flash Service numbers for Australia, Germany, France and the UK have declined from August, and the European numbers all came in below expectations. This could be seen as a sign of a broad slowdown in the global economy. US S&P Global Flash Manufacturing PMI (street 48.5) and Flash Service PMI (street 55.2) numbers are due at 9:45 am EDT.
Coming off a mixed finish to last week, US index futures are trading flat to up 0.25% this morning. Overseas trading is mixed with the Nikkei up 1.5%, the Dax up 0.5%, and the FTSE and Hang Seng both down 0.1%,
The US 10-year treasury note yield is holding steady near 3.75% and trading action around the US Dollar is mixed. Cryptocurrencies are rallying with Ether up 2.9% and Bitcoin up 0.7%. Gold is up 0.1%, but Silver is down 1.5%. The Canadian and Australian Dollars are up slightly while the Pound and the Euro are down slightly. Commodity action is also mixed with US Crude Oil up marginally, but Copper down 0.4%.
There are two more central bank meetings this week. Australia is widely expected to hold rates steady tomorrow, but Switzerland is expected to announce a 0.25% rate cut on Thursday. The economic calendar for this week is otherwise dominated by North American housing data, plus US Durable Goods Orders on Thursday and US Core PCE Inflation on Friday.