Although the market’s main focus will be on the US ISM Report due tomorrow, we have still seen some important data released today. Here’s a roundup of the key data that I have been monitoring on the terminal…
Conf. Board Consumer Confidence UP TO 98.1 FROM 86.6
U.S Consumer confidence posted its biggest increase since late 2011, rising to 98.1 above the estimate of 91.5. Remarkably, respondent’s attitudes about the ‘present situation’ showed the largest one-month gain since 1974, whilst the subindex of expectations for income, business and employment conditions rose to a four-month high on the back of the US economy reopening. The recovery from the recent low recorded in April should be seen as a positive by investors.
U.S. June MNI Chicago Report Rises to 36.6 vs Est. 45
The Chicago PMI rose again this month, but came in below estimates. More interestingly, beyond the headline the majority of the composite’s sub components actually signalled contraction (including the new orders and employment components). Nonetheless, the headline index is showing improvement which has historically held a positive correlation to equity markets.
China Manufacturing PMI UP TO 50.9 vs 50.5 Est.
We also had an update on the economic situation in China with their national PMI data. Overall, outlook appears brighter with gains in both the manufacturing and non-manufacturing gauges (with the latter recording the highest level since November 2019). New export orders, a barometer of global demand from China, also improved but is still in a contractionary range.
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