Indices Near Peaks: Can the Bull Run Continue?

By Tomasz Wisniewski|

Published: November 24 2023, 06:42 GMT+0

Indices Near Peaks: Can the Bull Run Continue?

On Friday morning, the financial landscape is reflecting on Thursday’s developments and looking ahead to the day’s events. Despite the subdued trading due to the US Thanksgiving holiday, Thursday offered key insights, particularly from the PMI data and retail sales figures from New Zealand. These results came in stronger than anticipated, with New Zealand’s retail sales providing a positive surprise.

In the UK, the PMI data stood out, showcasing resilience in both the manufacturing and services sectors. The services PMI was particularly notable, crossing the crucial 50 mark, indicating expansion. This positive data from the UK provided a slight uplift to the market sentiments, countering some of the broader global economic concerns.

As we move into Friday, attention turns to the US, where the release of PMI data is keenly awaited. The expectations are somewhat mixed, with the services sector predicted to demonstrate slight growth, maintaining a position just above the 50 threshold. However, the manufacturing sector might present a more subdued picture, with forecasts slightly below 50, hinting at contraction.

Investors and traders are also keenly awaiting the Canadian retail sales data. The expectation of a decline compared to previous months adds another layer to the market’s outlook, especially considering the global economic shifts and the impact on consumer spending.

Overall, while the market activity on Friday might not match the usual intensity due to the holiday in the US, the released data still holds significance. It offers insights into the economic health of key global players, which can shape market sentiments and influence trading strategies as we head into the weekend.