European stock markets are turbulent, because investors are not optimistic about manufacturing data

After investors ignored the economic activity survey, European stock markets rose sharply, showing early evidence that the euro zone is rebounding from the euro zone. Double-dip recession.

Over the past month, the region’s Stoxx 600 index has hovered near record highs as traders struck a balance between the eurozone’s recovery in the pandemic and the prospect of global central banks reducing stimulus during the crisis. It rose 0.1% in early trading. The London FTSE 100 Index fell 0.4%.

According to the answers of executives in the manufacturing and service industries to questions about recruitment plans and new business, IHS Markit’s Purchasing Managers Index reached 39 months high Expansion reading is 56.9, expansion reading is 50, then growth and contraction are separated.

It is expected that the important early indicator of changes in the output of the US economy will be slightly slower than that of the US economy. Set a new high It arrived in April.

“There is a sequence of global recovery, Europe lags behind [calendar] One or two quarters,” said Agnès Belaisch, chief European strategist at Barings Fund Manager. “Europe is a very large economic power, and it has finally reopened. ”

Although the PMI surveys are carefully investigated to look for signs of economic recovery, they are also regarded as a source of information on inflationary pressures, which may cause the central bank to change the pace or schedule of its asset purchases. A survey conducted in the United States in April found that supply chain shortages have led to the prices of securities that are sensitive to expected changes in monetary policy, such as government bonds and technology stocks. Fall down.

Mobeen Tahir, head of research at WisdomTree, said: “Although economic activity is improving steadily, with the improvement of data, the stock market will be internalized because there are fewer and fewer reasons for monetary policy support.”

On Friday, the spot gold price rose to US$1,878 per ounce, or US$1,878. This price is seen as a hedge against inflation, eroding the actual returns of other assets such as stocks and bonds.

However, the PMI survey has not changed the bond market. The U.S. 10-year Treasury bond yield fell by 0.02 percentage points to 1.618%. Germany’s equivalent Bund bond yield fell by 0.02% to minus 0.124%.

The 10-year yield sets the discount rate for professional investors’ valuation of stocks. Since the Federal Reserve will begin to reduce its $120 billion monthly bond purchase expectations at the beginning of the year, the yield has risen from about 0.9% at the beginning of the year. . The entire pandemic financial market.

On Wednesday, the minutes of the Fed’s most recent meeting showed that some interest rate decision makers believed that the central bank should start discussing a “plan to adjust the pace of asset purchases” at some point in the upcoming meeting.

The currency market was stable on Friday. The U.S. dollar index, which measures the exchange rate of the U.S. dollar against the currencies of trading partners, was flat. The exchange rate of the euro against the dollar remained stable at $1.2233. The pound fell less than 0.01% to 1.4178 US dollars.

In Asia, Japan’s Topix Index closed up 0.5%, while China’s CSI 300 Index fell 1%, dragging down Geopolitical issues.

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