The European debt worries have failed to recede following downbeat manufacturing PMIs across the Eurozone and Moody’s lowering its outlook on Germany, the Netherlands and Luxembourg. With Greece managing to stave off a major crisis last month, today’s visit by the Troika officials to assess the nation’s commitment to fiscal targets would be keenly tracked. Meanwhile, the Chinese manufacturing PMI rising to a five month high for July provided some relief to traders.
Today’s Spanish bond auction coupled with manufacturing data across the Atlantic are also likely to hog the spotlight. Back at home, markets stay focused on tomorrow’s crucial second quarter GDP data.
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