sp'daily5
Summary
*ADP jobs: 204k, vs 223 expected.. a clear miss
weekly jobs: 302k, vs 300, 'reasonable'.
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So.. the ECB have (to the surprise of most).. cut rates by 0.1%.. from 0.15% to 0.05%.
Neg' rates really aren't far away now, are they?.
* from what I understand, there is a plan to buy $656bn of bonds (in some form) across the next 3 years. For the EU, that is a sizable amount.
Draghi in the press conf' is stating it is NOT QE.. but 'credit easing'. Frankly, I think most are bemused as to what the hell he is announcing.
The market is clearly going to take some time to really digest this latest ECB news, esp' the rate decision.
We do still have ism and pmi service sector data to come, along with EIA oil/gas data.
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Good wishes for Thursday
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8.56am... futures cooling, sp +4pts... 2004. but still... the big announcement is out of the way..and Draghi has not disappointed.
9.42am... Well, Dow looks set to break new highs this morning.
Transports already has. Really..thats the one to watch...and it ain't bearish.