Tuesday, 4 June 2019

Markets mixed amid weak manufacturing PMI data

Markets were mixed on Monday.

The S&P 500 fell 0.3 percent and the Nikkei 225 fell 0.9 percent but the STOXX Europe 600 rose 0.4 percent.

Recent economic data suggested weakening global economic growth, with factory activity contracting across Asia and Europe last month.

US manufacturing continued to grow in May, although the Institute for Supply Management’s manufacturing PMI did fall to 52.1 from 52.8 in April.

Bill Stone, chief investment officer at Avalon Advisors LLC, warned in a note that if all the contemplated tariffs against China and Mexico are implemented, it “could knock as much as 1 percentage point off U.S. GDP”.

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