Monday, May 6, 2013

Tomorrow

Most European stocks had a tough day after disappointing retail ales data but the following economic reports beat expectations (though still in contractionary territory):

Italian Services PMI
French Services PMI
German Services PMI
Euro zone Services PMI

I have nothing to base this on other than my gut but I sense  French Industrial Production and German Factory orders will beat expectations as well. 

With nothing on the US Economic calendar which is liable to move the markets a positive surprise from the above two reports (especially German Factory Orders) along with an expected rate cut in Australia, could be the catalyst to move our markets higher in an otherwise quiet week.