Will the China PMIs surprise?
• Calm markets. Perceived financial stability risks continue to fade. Equities higher, while the USD has lost some ground.• Sticky German inflation. European yields and EUR rise as German inflation falls back less than expected. Eurozone inflation is released tonight.• AUD mixed. AUD up a little against the USD, but remains under pressure against EUR, GBP, and NZD. China PMIs due during todays Asian trade. Another night of relatively calm market conditions, as perceived financial stability risks continue to fade. Equities were higher across Europe and the US. The major indices rose by another 0.5-1.3%, though ‘hawkish’ rhetoric from several...