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Dow and S&P rise to begin the month; ISM manufacturing reading misses as prices jump Summary: US major indices opened higher to start the month, rebounding from slight declines last Friday, though the Nasdaq moved into the red mid-morning. The US dollar index saw early pressure as the Pound and Yen advanced. Treasury yields ticked lower and the curve flattened after April ISM manufacturing data missed consensus and showed continued supplier pricing power and scarcity of supply chain goods. The Colombian peso weakened on reports Fin Min Carrasquilla was stepping down amid protests over the govt’s tax reform bill.
Overnight:
-European Manufacturing PMI data continued to paint a brightening picture for the regional recovery; bond yields grinding higher
-German Retail Sales data handily exceeds consensus
-Potential QE tapering jitters ahead of the Thursday’s BoE meeting.
US Session
-(CO) Colombia Fin Min Carrasquilla said to be preparing to resign - financial press
-(CL) Chile Mar Economic Activity Index (Monthly GDP) M/M: -1.6% v -1.0%e; Y/Y: 6.4% v 4.3%e
-(CA) Canada Mar MLI Leading Indicator M/M: 1.4% v 0.9% prior
-*(US) APR MARKIT FINAL MANUFACTURING PMI: 60.5 V 60.7E (10th consecutive month of expansion)
-*(US) APR ISM MANUFACTURING: 60.7 V 65.0E; PRICES PAID: 89.6 V 86.1E
-*(US) MAR CONSTRUCTION SPENDING M/M: 0.2% V 1.7%E.
Europe and Asia
-(IL) Israel Central Bank (BOI) Apr Minutes: Decision to keep policy steady was not unanimous (5-1)
-(DE) German Parliament said to want to pass changes to the infection protection law by May 7th - financial press
-(CZ) Czech Apr Budget Balance (CZK): -192.0B v -125.2B prior
-(IN) EU and India said to be prepared to revive trade deal talks
- FT -(SG) Singapore Apr Purchasing Managers Index (PMI): 50.9 v 50.9e
-EU Official: Novavax has told EU it could begin deliveries of its Covid-19 vaccine from late 2021, deal could be signed this week - press
-(MX) Mexico Apr PMI Manufacturing: 48.4 v 45.6 prior.
- Source TradeTheNews.com
