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IMF weights for BRICs are rising this year to the Top 10 contributors as Eurozone trade surpluses and economic capacities tread declines with the finality of a two decade long restructuring. Trade surplus for the Eurozone was down 60% from EUR 10 B last month to EUR 4.5 B even as China Manufacturing PMI declined to 48.1 on the HSBC survey. France surprised a few with a 47.1 Services PMI but the Euro, trying to operate to a new normal, trading the same economic downbeat information on 1.27 levels died an afternoon death in Asia with the Dollar not unlike in 2009, managing to corner most safe haven flows despite the clamour from China and even the Euro
The Eurozone Manufacturing PMI has no diverged from even the low China data of the Q4 and Q1 to a below 45 score 44.8, German Mfg PMI a point lower at 44.7. German Services PMI data was still above 50 but was much below expectations at 50.3
Data apart (Business confidence numbers from the South follow tomorrow) while UK sales in the afternoon are expected to help it cross out a ride down with its Euro zone partners and surge out with the GBP rising to 78 cents or even 75 cents to a Euro
Swiss trade surplus increased to a near CHF 2.5B or EUR 3 B
Housing Price and Euro confidence data follow after US markets open ending the OECD data day with the Philly Fed index confirming the slowdown of May and its impact on June data Meanhile Crude closed in on all time lows with Brent at 92 and WTI sweet at $82 in early trading
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