US Manufacturing PMI Boosts Equities

IHS Markit’s Purchasing Manager’s Index (PMI) for U.S. manufacturing activity rose to a reading of 51 in September from 50.3 in August, topping expectations of economists polled by Reuters. Services PMI came in slightly weaker than expected at 50.9.

The report follows dour business surveys from across the euro zone, which suggested growth had ground to a halt in the bloc.

Other economic reports on investor radar in the final week of the third quarter include core personal consumption data – the Fed’s preferred inflation gauge – and final reading of second-quarter GDP data.

Investors have been cautious about progress in Sino-U.S. trade talks after a Chinese agriculture delegation canceled a visit to Montana that pulled the Wall Street’s main indexes to their worst session in about two weeks on Friday and ended a three-week run of gains.

Still, U.S. and Chinese officials described the deputy-level trade talks last week, meant to lay the groundwork for high-level negotiations in October, as being “constructive” and “productive”.

via Reuters

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