After a record high on Friday, the US equity markets are taking a breather this morning with futures trading relatively flat before this morning's economic data which includes the July ISM non-manufacturing index as well as comments from Dallas Fed President, Richard Fisher, a non-voting member but one of the more hawkish Fed presidents.
In Europe, stocks have turned to the downside, giving up earlier gains tied to better than expected economic data and strong earnings from Lloyds Banking Group ( LYG ). The UK PMI services index for July shot to a 6 year high of 60.2 and well above estimates of 57.2 Unfortunately, disappointing earnings from HSBC ( HBC ) coupled with softness in the German equity market as a result of a weak PMI undermined the UK market, leaving the FTSE lower at the NY open.
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