'Wait and see': operators do not take positions while waiting for the first of the two important appointments of today and tomorrow. Today the decisions of the European Central Bank: the cuts in the key rates on open market operations and those on the banking system deposits with the ECB are taken for granted (which will go negative - it is not the first time for a central bank, the had already done Denmark, but it would be the first time for one of the 4 most important central banks in the world: US, UK, Japan and Eurozone). The second appointment is that of data on the US labor market: the findings of the ADP (+179 jobs) communicated yesterday were lower than expected, but the correlation with tomorrow's data from the Bureau of Labor Statistics is not always tight. However, the May PMI data on the US services sector (which covers 4/5 of the economy) was very positive.
The MSCI Asia Pacific index is more or less unchanged, while Tokyo lost 0,2% in the early afternoon. The euro is stable at 1,36 against the dollar, while the yen strengthened slightly to 102,5. Gold is still weak, around 1244 $/ounce, and black gold (WTI) is at 102,4 $/b. The differential with Brent (108,3) is narrowing.
http://www.bloomberg.com/news/2014-06-05/asian-stocks-advance-on-u-s-services-data-ahead-of-ecb.html
