Friday 6 September 2019

Markets rise, “will rally into the end of the year”

Markets rose on Thursday.

The S&P 500 jumped 1.3 percent, the STOXX Europe 600 rose 0.7 percent and the Nikkei 225 surged 2.1 percent.

China’s Commerce Ministry issued a statement on Thursday morning saying that the two sides agreed to resume trade negotiations early next month.

US economic data on Thursday were mostly positive. The private sector added 195,000 jobs in August while the ISM nonmanufacturing index rose to 56.4 in August from 53.7 in July.

However, Markit's services PMI fell from 53.0 in July to 50.7 in August, below the “flash” estimate issued two weeks ago.

Still, Mislav Matejka, JP Morgan’s chief global equity strategist, thinks that the US economy “is not headed for a recession” and that “the market will rally into the end of the year”.

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