EU Open Report - 3.7.2015

TGI-F!

NFP came out weak but was not a disaster. The market was coming in looking for strong number but in any case it's hard to believe that the mediocre  outcome will lead to big position taking in advance of the Greek referendum, along with the US holiday today.

And now onto the Greek Referendum. The polls open at 7 local time and close at 19:00 local time (12:00 EST). This means that exit polls or other indications of the result should begin to emerge early evening local time, with firmer indications late in the evening. Ahead of the referendum and accounting for the US holiday, we suspect a quiet session is in store.

Reminder: CME, CBOT, NYSE, NYMEX pits are closed today. Electronic trading has reduced hours. Liquidity will be worse today and before a big referendum, with weekend Gap risk, it may be best not to open fresh positions.

1. Who Said What

-  Japan FinMin Aso – Business leaders gradually losing deflationary mindset.

-  Japan June services PMI 51.8, best in 9-months, May 51.5.

-  China June HSBC/Markit services PMI 51.8, 5-month low, May 53.5.

2. Calendar 

Source: Investing.com - CET time

3. Asian Equity & FX Roundup

Asian equities fell, with Shanghai down 0.7%, ASX down 1.3%, Nikkei down 0.3% and Chinese data worse than expected.  Aud is the underperformer after worse retail sales data.

No trading today as US is on holidays and the Greek referendum needs to get pushed out of the way first.