Seeking Alpha

Stocks quiet ahead of data-filled week

  • Stocks look for a quiet open ahead of a data-heavy week in the U.S., which begins with two manufacturing reports today; Dow +0.1%, S&P flat, Nasdaq -0.1%.
  • China's latest PMI data was a disappointment, but several manufacturing reports from economies across the euro zone surpassed estimates; European bourses trade little changed, Japan's Nikkei index shed 2% as a stronger yen weighed on exporter shares, and Chinese markets were closed for Lunar New Year.
  • Despite the apparent calm start to the week, investors remain cautious because trouble in emerging market currencies could flare up again at any time; overnight, the Turkish lira was little changed and the South African rand and Hungarian forint rose slightly vs. the dollar.
  • Treasurys display modest losses, with the 10-year yield up 2 bps at 2.67%.
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