Monday, December 2, 2019
TODAY’S GAME PLAN:
DATA/HEADLINES: Markit November manufacturing PMI is at 9:45ET, with ISM manufacturing and October construction spending at 10:00ET.
Chinese PMI was stronger than expected coming in at 50.2 vs 49.5 the Caixin manufacturing index rose to 51.8. Euro-Zone, German and French PMI data beat. TRUMP TO RESTORE TARIFF ON STEEL SHIPPED FROM BRAZIL, ARGENTINA.
The positive manufacturing data from China, coupled with better-than-forecast European numbers, is giving stocks a lift. Indices back off overnight highs after South China Morning Post says China economic recovery to be short lived as Novembers’ expansion has not led to any upgrade in growth forecasts for 2020.
EQUITIES: pre market movers at bottom of this page
E-mini S&P is up 0.12%, Nasdaq +0.07%, RTY +0.28%. SPX hit the Fibonacci extension target of 3155 last week. Look for this area to hold for now.
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