Daily Market Report 05/08/15

So far this week the Greek share market has  dropped by 16% on the first week of trading after a 5 week shut-down. The main share index is down more than 50% from this time last year.  The stock exchange as we all know was closed for five weeks to prevent people from taking funds out of banks even though the stock exchange market is now open, Greek investors are not allowed to use the money they have in the bank to invest into stock exchange. 

The UK is set to be the fastest growing economy in the G7 for the second year running. Growth is expected to reach 2.5% this year according to the national institute of economic and social research. It also expects unemployment to fall further, but not below 5%.UK house prices are back in growth, by 0.4% in July, following a 0.2% dip in June according to nationwide house price index. 

Data released by the US census bureau on Tuesday showed that factory orders rose 1.8% as expected up from the -1.1% drop seen in May.  Orders for durable goods, products meant to last at least three years, advanced 3.4% in June. Orders for non durable goods edged up 0.4%.

Key Announcements:

09:30 – GBP: UK Services PMI  (July) expected to  fall to 58.1 from 58.5
13:45 – USD: ADP Non-Farm Employment Change  (July ) expected to fall to 216k from 237k
14:00 – USD: US - ISM Non-Manufacturing PMI (July)  expected to rise from 53.8 to 54.0