Markit PMIs and existing home sales coming up
I'll be closely watching the Markit US PMIs for both manufacturing and services today when they're released at 9:45 am ET (1345 GMT).
The consensus on the services PMI is 59.4 from 59.9 and is the main spot to watch. I worry that number isn't low enough and that delta will push it lower. Either economists haven't adjusted or the market is pricing in something lower. Either way, I wouldn't expect a big market reaction but it's an early hint.
The other US release on the economic calendar is the exiting home sales report for July 15 minutes later. US housing has cooled since the spring and the consensus is 5.81m from 5.86m previously.
