Spreadex Market Update
US Markit and ISM services PMIs improve but global markets remain stuck in reverse
With the latest Markit PMI revised up a tad to 51.3, and the ISM figure arriving higher than expected at 54.5, the US could only sort of escape the services slump seen throughout Europe this morning. Yet once a widened trade deficit is taken into account (now standing at $47.1 billion) the day’s US data looks slightly less shiny, explaining why the Dow Jones trudged along with (an admittedly reduced) 80 point fall after the bell.
Whilst the US avoided the excessive losses seen in Europe, the FTSE failed to find its way out of the sticky situation it fell into this morning, the UK index stuck with a 1% decline as the day continued. Granted, this saw it edge back above the 6100, though one doubts any investor is relishing the FTSE being trapped between that point and its 6200 resistance level for much longer.
Conjuring memories of the region’s proclivity for panic-ridden plunges the Eurozone indices were stuck in reverse this Tuesday, the DAX and CAC both seeing losses over 2% throughout the session. Whilst much of the bad blood in the region stemmed from the lacklustre services PMIs, the Eurozone indices also proved themselves just as susceptible to the IMF’s macro-warnings about emerging markets as their UK and US peers.
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