(As of 7:20 am PST)
Stocks are lower to start the week as markets took in
manufacturing results from around the world.
China’s HSBC manufacturing PMI fell from 48.5 to 48.1. A reading below
50 signals contraction. The
disappointing report was overshadowed by news that new stimulus could be coming
from Beijing. Asian markets rallied on
the news. European indexes are trading
lower as Eurozone manufacturing activity slipped across the board. In the US, a flash reading of manufacturing
PMI showed activity falling to 55.5 in March from 57.1 in February, but still
showing growth and improvement. The data
calendar is light today but will pick up as the week goes on with reports on
consumer confidence, home sales, durable goods orders, and an estimate on GDP
all scheduled.
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