In the US session Pending Home Sales and Chicago PMI figures were released. The Pending Home Sales Index, declined 2.5% to 106.0 in January from an upwardly revised 108.7 in December but is still 1.4% above January 2015 (104.5). Analysts were predicting increase by 0.6%. Although the index has increased year-over-year for 17 consecutive months, last month’s annual gain was the second smallest (September 2014 at 1.2 percent) during the timeframe.
The Chicago Business Barometer recoiled 8.0 points to 47.6 in February following a sharp increase to 55.6 in the previous month, led by significant declines in Production and New Orders. Four of the five Barometer components declined between January and February, with only Supplier Deliveries posting an increase on the month. While the latest fall left the Barometer running a little below the 12-month average of 50.1, following significant weakness in Q4 2015, activity looks set to rebound in Q1.
From Eurozone, tomorrow, Spanish and Italian Manufacturing PMI figures will be published, as well as German Unemployment Change and Eurozone Unemployment Rate data. Spanish Manufacturing is expected to fall to 54.3, while Italian Manufacturing PMI should decline to 52.2. German unemployment should decrease by 10,000, while Eurozone Unemployment Rate should remain unchanged. In the US session ISM Manufacturing PMI figures will be released. Analysts predict incline to 48.5.
Figures to watch:
Spanish Manufacturing PMI (Tuesday 9:15)
Italian Manufacturing PMI (Tuesday 9:45)
German Unemployment Change (Tuesday 9:55)
Unemployment Rate (Tuesday 11:00)
ISM Manufacturing PMI (Tuesday 16:00)
