Tuesday, 3 December 2013

Global manufacturing expands, stocks fall

Economic data on Monday were positive.

In the US, Markit's manufacturing PMI jumped to 54.7 in November from 51.8 in October while the Institute for Supply Management's manufacturing PMI rose to 57.3 from 56.4. In addition, construction spending rose 0.8 percent in October after falling 0.3 percent in September.

In Europe, Markit's eurozone manufacturing PMI rose to 51.6 in November from 51.3 in October while the Markit/CIPS UK manufacturing PMI jumped to 58.4 from 56.5.

In China, HSBC's manufacturing PMI slipped to 50.8 in November from 50.9 in October. Nevertheless, this was better than the preliminary reading of 50.4 and was still the second-highest reading in eight months.

Despite the positive economic data, stocks fell on Monday. The S&P 500 fell 0.3 percent. The STOXX Europe 600 also fell 0.3 percent. The MSCI Asia Pacific Index slipped 0.1 percent.

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