Spreadex Market Update
Eurozone manufacturing lifts markets ahead of USA’s own figures
Granted, that figure, at 52.1, was higher than the 51.6 expected, and came hot on the heels of an overall solid morning for Eurozone data. Spain was the one real outlier, hitting a 22 month low compared to an unchanged number for France, a 3 month high for Italy and, perhaps most hearteningly, a 5 month high for Greece. Couple that with a slightly better than forecast PMI for the region as a whole and the Eurozone indices could stretch their legs into green territory as the day continued.
There were even grander scenes in the UK, with the country’s manufacturing PMI coming in at 55.5 against the 51.3; a huge surprise, and one that came complete with an upwards revision for the previous month. This all begs the question, has George Osborne’s ‘march of the makers’ finally materialised? Or is this figure an anomaly that will only create a greater sense of disappointment next month? Investors appear to be erring on the side of the latter, the FTSE only managing to crawl around 6 points higher as its commodity sector tried its damnedest to drag it back into the red.
Still to come are the USA’s own manufacturing figures; the official figure is expected at a stable 54, whilst the ISM number is forecast to fall slightly from 50.2 to a teetering even closer to contraction 50. The spectre of a weak number appears to be lifting the Dow, if only just, ahead of the US open, the index edging up by around 12 points. Following the surprisingly hawkish FOMC statement last week US data is arguably back to the old good is bad/bad is good trend that has defined 2015, something that will get a full workout this week as non-farm Friday approaches.
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