It took a bit longer for it to get revved up, but the FTSE joined in with the Eurozone’s big gains following a stellar set of flash PMIs.
Both readings were substantially ahead of estimates. The services figure came in at 47.0, compared to the 39.1 forecast and the lowly 29.0 seen in May. The manufacturing PMI, meanwhile, went one better, returning to growth – just – with a 50.1 reading, well beyond the 45.2 estimated and the 40.7 seen last month.
This, alongside the strong showing from the rest of Europe, and Trump’s anxiety-reducing US-China trade tweet from overnight, helped to push the FTSE 1.2% higher, allowing it to once again cross 6325.
That admittedly still left it trailing its peers. The CAC shot up 1.7%, sporadically crossing 5000 in the process, with the DAX surging by 2.7% despite Germany having a) a weaker pair of PMIs and b) an R rate that is now above 1.
Feeling bubbly the Dow Jones looks keen to get involved, with the futures pointing to a 300 point increase after the bell. In terms of the USA’s own PMIs, the flash manufacturing reading is forecast at 5.0 against May’s 39.8, while its services equivalent is expected at 46.9 against last month’s 37.5.
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