US equity futures opened higher as positive sentiment rolled over from the Asian and European sessions following a beat in expectations for Chinese Manufacturing PMI, Euro zone PMI second readings coming broadly in line with expectations and Greece announcing their debt buyback scheme. However markets retraced some of these gains as investors optimism was dented shortly after the open following lower than expected ISM data, ISM Manufacturing came in at its lowest in three years and ISM Employment was the lowest since September 2009. US T-Notes opened under pressure in reaction to risk on sentiment following the aforementioned increase in Chinese PMI and Greek debt buyback but pared some of these losses as poor ISM data puts a bid tone back into the bond market with a pick up in overall volumes.
EUR/USD trades in positive territory following risk on sentiment across European equities as Spain makes a formal request for EU bank aid and Greece unveils details of debt buyback scheme both assuaging the concerns of participants.
WTI crude futures trade flat and Brent crude futures trade lower as weak US manufacturing data and the continuing uncertainty about negotiations on the US budget helped push Brent lower and pulled WTI well off its high. Brent's more pronounced retreat was attributed to some unwinding of the spread between Brent and its U.S. counterpart, WTI.
03 Dec 2012 - 18:23 - - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: