Tuesday, 2 June 2020

Markets rise with better manufacturing PMIs

Markets rose on Monday.

The S&P 500 rose 0.4 percent, the STOXX Europe 600 rose 1.1 percent and the Nikkei 225 rose 0.8 percent.

Recent economic data provide hopeful signs that the global economy has bottomed.

In the US, the Institute for Supply Management said its manufacturing index climbed to 43.1 last month from an 11-year low of 41.5 in April.

IHS Markit’s manufacturing PMI for the euro zone rose to 39.4 in May from 33.4 in April.

The Caixin/Markit manufacturing PMI for China rose to 50.7 in May from 49.4 in April.

The improved economic data come as economies around the world begin re-opening but protests across the US at the death of an unarmed black man at the hands of a white police officer in Minneapolis raised concerns of a resurgence in COVID-19.

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