The US ISM non-manufacturing index dropped from 59.7 to 56.1 points, way below the consensus of 58 points. This is the lowest level in 17 months and could suggest that positive effects of tax cuts are slowly waning. The index has been dragged by new order and business activity components. Interestingly, although the ADP report showed lower than expected employment growth earlier in the day, the US indices (US500, US100) are still trading close to 2019 highs.
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