Spreadex Market Update
01.08.13 Thursday Afternoon
Chinese manufacturing data showed unexpected growth in July with the PMI figure rising to 50.3, with many expecting a decline to 49.9. The positive data helped UK mining stocks pick up this morning, with basic material sector taking the top spot of risers and outperforming financials.
The European Central Bank and the Bank of England kept its benchmark interest rate unchanged at a record lows after economic data signalled the the euro-area may be recovering from its longest ever recession. The euro dropped form a six week high against the dollar after interests rates were kept low for an extended period.
Data from the US showed that unemployment claims unexpectedly dropped to the lowest level in more than five years. Claims dropped by 19,000 to 326,000 in the week ended July 27th.
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