Fast Europe Open: UK, Germany manufacturing PMIs, eurozone unemployment

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It’s after the 100 day mark, but US President Donald Trump is likely to count a promise from Infosys to hire 10,000 Americans in the next two years as a major win in any case.

The chief executive of the Indian IT services company, which stands to be one of the biggest losers from a US visa crackdown, announced the hiring spree on Tuesday. The move follows an earlier announcement from the Trump administration that it would be reviewing the H-1B visa programme as part of a push to stem immigration of low-cost workers brought in by companies such as Infosys.

(It is worth noting that a number of other high-profile US hiring pledges announced by companies since Mr Trump’s election were either already in the works ahead of his surprise November 9 victory or largely hypothetical in nature.)

In Asia Pacific equities, Sydney’s S&P/ASX 200 index is worst off with a drop of 0.4 per cent, while in China the Shanghai composite is off 0.2 per cent. It has been a banner day elsewhere, however, with Seoul’s Kospi up 0.8 per cent, the Topix rising 0.6 per cent in Tokyo and Hong Kong’s Hang Seng climbing 0.3 per cent.

Futures tip the FTSE 100 to climb 0.2 per cent at the open in London while the S&P 500 is expected to drop 0.1 per cent when trading begins in New York.

Corporate earnings reports out today include BP, Aberdeen Asset Management and Shire.

The economic calendar for Tuesday is a little one-note (all times London):

  • 07.00: Russia manufacturing PMI
  • 08.15: Spain manufacturing PMI
  • 08.45: Italy manufacturing PMI
  • 08.50: France manufacturing PMI
  • 08.55: Germany manufacturing PMI
  • 09.00: eurozone and Greece manufacturing PMIs
  • 09.30: UK manufacturing PMI
  • 10.00: eurozone unemployment rate
  • 15.00: Denmark foreign exchange reserves
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