(As of 7:18 am PST)
Markets are rallying to start the 3rd quarter
with all three major indexes up over 1%.
US markets got a lift in early trade on positive data out of Europe and
Japan. Euro-zone manufacturing activity
improved to a 16 month high, but still remained in contractionary
territory. Asian markets were mixed as
Chinese manufacturing slowed, but a Japanese survey showed a sharp improvement
in sentiment among large businesses. The
Nikkei rose 1.28% as the yen weakened against the dollar. Wall St. gains are strengthening after a
report on ISM manufacturing improved in May and a report on construction spending
showed an increase as well. In company
news, shares of Apple are up nearly 2.5% after Raymond James upgraded the
stock. After shedding 14% in June, gold
is enjoying a nice start to the quarter, up 1% on the session. It looks like a positive day is in the making
but expect volatility to return to the markets in this holiday shortened week
as investors look to Friday’s jobs report for signs of the Fed’s next policy
move. Weaning markets off the Fed’s
asset purchase program will continue to be the main storyline in the 3rd
quarter.
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