Equities down despite encouraging PMIs

Major equity benchmarks were down ahead of the US opening bell, with indices correcting Wednesday's gains. 
 

Earlier in the session, German services PMI for May rose sharply 31.4 from 16.2 in April, while the manufacturing sector improved to 36.8 from 34.5 previously. Moreover, the Eurozone's services PMIs surged to 28.7 from 12.0 previously, whilst the manufacturing rose from 33.4 to 39.5. It looks like the EU economies could have a speedy recovery once the outbreak dissipates.

The EURUSD pair spiked to the 1.1000/1020 resistance area after these numbers, and this is a crucial level for the near-term development.

Later in the day, the US initial jobless claims are expected to come out 2.4 million, down from 2.9 million in the last week. That might be another positive news that the worst is over for the US economy. 

Moreover, the US manufacturing PMI for May is seen rising to 38.0 from 36.1 in April, while services are forecast to improve as well. Analysts see a rise to 30.0 from 26.7 previously. 

Oil was trading higher on Thursday, with the WTI benchmark pushing above the 34 USD level.
 
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