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Strong PMI Reports Lift Stocks Higher

By CMC Markets (David Madden)Stock MarketsMay 23, 2017 10:09
uk.investing.com/analysis/strong-pmi-reports-push-stocks-higher-200190709
Strong PMI Reports Lift Stocks Higher
By CMC Markets (David Madden)   |  May 23, 2017 10:09
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In London, the FTSE 100 has exceeded the 7500 hurdle, a level it has struggled to make any serious ground beyond. It is fair to say that the fear associated with President Trump is waning, and traders are slowly but surely buying back into global stock markets. In the UK, Babcock International (LON:BAB), EasyJet (LON:EZJ), and Associated British Foods (LON:ABF) are some of the best performers this morning, as all of those stocks benefited from positive broker ratings.

The DAX and the CAC are trading higher this morning after both countries revealed impressive flash services and manufacturing PMI figures. The eurozone as a whole also reported figures which painted a positive picture of its services and manufacturing sector. The standout figures today, were the manufacturing figures from Germany, which came in at 59.4, up from 58.2 in April, and well above the expectation of 58.

The GBP/USD has dipped back below the $1.30 mark, and the rise in UK public sector net borrowing from £2.3 billion in March to £9.6 billion in April won’t help the pound push higher.

We are expecting the Dow Jones to open at 20,940, up 46 points, and we are anticipating the S&P 500 to open at 2397, up 3 points. Later today, traders will be keeping an eye on US flash manufacturing and services PMI reports, which will be announced at 2.45pm. Also, new home sales and the Richmond Manufacturing Index will be released at 3pm. Fed members Neel Kashkari and Patrick Harker are speaking at 8pm and 10pm respectively. In terms of corporate reporting, we are expecting quarterly figures from AutoZone (NYSE:AZO), Inuit and Take-Two Interactive Software (NASDAQ:TTWO).

Disclaimer: CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person

Strong PMI Reports Lift Stocks Higher
 

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Strong PMI Reports Lift Stocks Higher

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