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BREAKING: PMI and ISM readings from the US beat expectations!

3:04 PM 6 July 2020

At 03:45 pm BST, Markit published its United States PMI reading for the month of June. The crucial figure came in slightly above market expectations:

  • Markit US Services PMI: 47.9 pts (vs expected 46.7 pts) 

15 minutes later investors were offered another set of data, this time from the ISM (Institute for Supply Management). The headline ISM Non-Manufacturing Index turned out to beat analysts’ expectations as well. The index rose to 57.1 pts in June (vs expected 50.2 pts). In fact, all subindices did very well: New Orders, Prices and Business Activity subindices rose above 60 pts! Only Employment subindex did not manage to break through 50 pts mark.

US stocks are surging at press time, but these conditions should rather be associated with an overall market optimism. Today’s rally was initiated during Asian trading hours where Shanghai Composite rose a staggering 5.71%!

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