Spreadex Market Update
US ISM PMI joins global manufacturing misery, FTSE slips below 6700
The US saw both the Markit and ISM manufacturing PMIs this afternoon; while the former improved from 51.3 to 52.9 month-on-month, the latter abruptly, and unexpectedly, fell short of June’s 53.2 reading, coming in at 52.6. Failing to impress investors (either those seeking strong US data or those wishing to avoid a rate hike in the 2nd half of the year) this news pushed the Dow Jones around 20 points lower towards 18400 after the bell rang on Wall Street.
That PMI fluff from the US failed to improve the mood in Europe, which had already spent the morning digesting its own manufacturing disappointments. Understandably given that it posted its 5th consecutive month of manufacturing contraction the French CAC was the worst performer, dropping 0.6%, while the DAX only fell 0.2% thanks to its relatively strong PMI.
The FTSE, meanwhile, fell below 6700 thanks to a half a percent slide, investors balking at the country’s lower than estimated post-Brexit manufacturing PMI. The pound also continued to suffer, though by a slightly reduced amount, falling by 0.3% against the dollar and 0.2% against the pound.
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