Saturday, 22 May 2021

Markets mixed amid positive economic data

Markets were mixed on Friday.

The S&P 500 fell 0.1 percent but the STOXX Europe 600 rose 0.6 percent.

Earlier in Asia, the Shanghai Composite fell 0.6 percent but the Nikkei 225 rose 0.8 percent.

Economic data on Friday were positive.

In the US, the IHS Markit flash manufacturing PMI rose to an all-time high of 61.5 in May from 60.5 in April.

In europe, the IHS Markit flash eurozone composite PMI rose to 56.9 in May from 53.8 in April while the UK composite PMI rose to 62.0, the highest since the survey was launched in 1998, from 60.7.

Scott Ruesterholz, a portfolio manager at Insight Investment, said that “we anticipate meaningful labor market improvement in coming months” in the US.

Adam Crisafulli, founder of Vital Knowledge, said in a note that “stocks should be fine so long as the Fed doesn’t signal a taper before Nov”.

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