We’re currently eyeing some modest gains on Wall Street at today’s open, despite progress not yet being seen in those Canadian/US trade talks and the publication of a damning editorial on Donald Trump by a White House insider in the New York Times.
The upside has emerged in the last few hours, correlating with the positive sentiment which is being seen across most continental European markets, but with high stakes political conversations in play, this support could readily evaporate.
European economic calendars have been relatively quiet this morning, with the market looking past a slump in German factory orders for July and instead taking solace in upbeat construction PMI numbers from the European economic powerhouse. We’re watching for the ADP payroll numbers ahead of the US market open which will act as the usual curtain raiser ahead of tomorrow’s non-farms, but by all accounts the real direction is more likely to be coming from politicians rather than macroeconomic releases.
Ahead of the open we’re calling the Dow up 25 a 26000 and the S&P up 1 at 2890.