Tuesday, 4 May 2021

Markets rise amid positive manufacturing data

Markets were mostly higher on Monday.

The S&P 500 rose 0.3 percent and the STOXX Europe 600 rose 0.6 percent.

Economic data on Monday were positive, with Markit's manufacturing PMI rising in April in both the US and the euro area to 60.5 and 62.9 respectively, the latter a record high.

However, the Institute for Supply Management's US manufacturing PMI for April came in at 60.7, down from 64.7 in March.

US stocks were also boosted by news that most capacity restrictions will be lifted across New York, New Jersey and Connecticut this month.

In Europe, analysts at BCA Research noted that COVID-19 infections are stabilising in many countries and vaccinations are gathering pace. “This will allow authorities to ease restrictions and economic activity to accelerate,” they wrote.

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