Though the markets lost a step following a US manufacturing PMI that missed the mark, the mood was still a positive one on Tuesday.
Bucking the trend set by the Eurozone and UK, with their vastly outperforming flash PMIs, the US manufacturing sector fell short of the 50.0 forecast, failing to return to growth with 49.6. That is, however, still an improvement on May’s 39.8, as was a services PMI of 46.7, against the 39.1 expected and the 37.5 seen last month.
This left the Dow Jones up around 120 points – roughly a third of the gains promised at lunchtime – and the Nasdaq at a record peak.
It did also sap some of the energy from Europe. The DAX, which was at one point up 350 points, had to settle for a 1.7% increase, while the CAC’s gains were trimmed to 1%.
As for the FTSE, it rose 50 points, lurking around the 6300 mark it has struggled to properly breach in the second half of June. This meant the index didn’t get too much of a boost from the government’s confirmation that further lockdown measures will be lifted from July 4th, designed specifically to get people spending money once more.
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