By Connor Campbell, Financial Analyst, Spreadex
A 3-month low Chicago PMI made little difference to the Dow Jones this Monday, the US index surging to a fresh all-time high.
The Dow jumped 60 points after the bell, and is aggressively eyeing the 21900 mark having flirted with that landmark level earlier in the day. There wasn’t all that much to drive the index higher this Monday, with investors perhaps enjoying the calm before the storm of data and earnings brought in the first few days of August.
Tuesday’s Markit and ISM manufacturing PMIs are joined by Fed-favourite inflation gauge the core PCE price index and, most crucially, Apple’s latest earnings update. Wednesday then has the ADP employment change reading, before Thursday’s double dose of services PMIs and, finally, Friday’s nonfarm jobs report. In other words, plenty to challenge the Dow’s recent rise.
Over in the UK the FTSE just about kept its head above 7400 with a 50-point increase thanks to its mining stocks and HSBC (LON:HSBA) (though both have had the shine taken off their initial gains). Sterling was far more muted, dipping 0.2% against the dollar – though it remained the right side of $1.31 – and 0.1% against the euro.
As for the eurozone, the DAX and CAC saw their morning growth gradually erode after lunchtime, investors annoyed at the persistently strong euro. The German index is now down 10 or so points, while its French sibling is flat at 5120.
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