Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
While the NASDAQ futures are taking it on the chin, the premarket read for the S&P 500 and Russell 2K is flattish which is an impressive showing by this market as it continues to segregate Apple (AAPL), much as it has for the past few months. When I posted last night Apple was testing recent lows in the $480s, it is opening in the $460s (-10%!). Call me a bit surprised the market has completely isolated it. Weekly jobless claims continue to show strength with a second week in a row of a reading well under 350K – if that continues we might actually see +200K type of monthly job gains.
We have our flash PMI data overnight and China continues its rebound while people remain “optimistic” on Europe for nothing else other than “it cannot get worse”. While still contractionary. the European PMI figure did jump a point. German PMI was at its highest reading in a year.
- The Markit Flash Composite Eurozone Purchasing Managers’ Index, (PMI), which surveys around 5,000 firms and is seen as a leading indicator of economic activity, jumped to 48.2 from December’s 47.2, besting expectations for a rise to 47.5.
China came in a two year high:
- China’s HSBC flash purchasing managers’ index (PMI) rose to 51.9 in January to a two-year high.
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