{"id":40943,"date":"2023-01-24T06:51:00","date_gmt":"2023-01-24T06:51:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=40943"},"modified":"2023-01-24T18:27:24","modified_gmt":"2023-01-24T18:27:24","slug":"morning-brief-european-traders-await-pmis","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/morning-brief-european-traders-await-pmis\/","title":{"rendered":"Morning Brief – European traders await PMI\u2019s"},"content":{"rendered":"\t\t
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Traders are waiting for the release of European manufacturing and services PMI data this morning, with expectations from most economists that we will see a slight uptick from the previous month.<\/p>

Notably, the PMI data is expected to stay in contraction, with below 50 readings, however, a minor improvement from the previous trading month should be taken positively.<\/p>

Risk-on sentiment is finally balance today, with the US dollar<\/a> slightly lower alongside bond yields<\/a>. The S&P 500<\/a> closing at multi-week highs further underscores the bullish sentiment.<\/p>

In-turn we are starting to see market reports turning bullish from investment banks. Goldman Sachs<\/a> are no exception, and today they have a positive outlook report.<\/p>

Goldman Sachs has a very bullish outlook on commodities. Analysts at the bank say commodities will show \u201csuperior total returns\u201d through this year, citing economic “macro and micro dynamics re-aligning again”, low inventories.<\/p>

Goldman Sachs have also noted on Oil <\/a>and Over a 12-month period, the bank forecast returns of 46.9% from energy, 29.6% from industrial metals and 5.7% from precious metals.<\/p>

They note that \u201cOil markets are not pricing the expected uplift in demand combined with the downturn in Russian production\u201d and \u201cChina\u2019s reopening is a game-changer\u201d. Goldman Sachs forecasts\u00a0WTI\u00a0averaging $92.00 in 2023.\u00a0<\/p>

Also Goldman likes gold. They state that they \u201cWhile central bank tightening and the USD have been macro headwinds for commodities in second half of 2022, we believe a sustained inflection in the USD provides an ingredient for a fairly significant upside in commodities.\u201d<\/p>

In terms of trades, Goldman note that Gold<\/a>, in particular, is likely to be on a cusp of sustained upside as de-dollarisation is very bullish gold.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Traders are waiting for the release of European manufacturing and services PMI data this morning, with expectations from most economists that we will see a slight uptick from the previous month. Notably, the PMI data is expected to stay in contraction, with below 50 readings, however, a minor improvement from the previous trading month should […]<\/p>\n","protected":false},"author":4,"featured_media":33826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[28,135,538,67,279],"yoast_head":"\nMorning Brief - European traders await PMI\u2019s - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/morning-brief-european-traders-await-pmis\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morning Brief - European traders await PMI\u2019s Morning Brief - European traders await PMI\u2019s\" \/>\n<meta property=\"og:description\" content=\"Traders are waiting for the release of European manufacturing and services PMI data this morning, with expectations from most economists that we will see a slight uptick from the previous month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/morning-brief-european-traders-await-pmis\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-24T06:51:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-24T18:27:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/08\/GettyImages-1329530365.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"514\" \/>\n\t<meta property=\"og:image:height\" content=\"336\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Morning Brief - 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