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United States: The ISM non-manufacturing report showed business activity returning to growth last month (PMI > 50). The headline index topped economists’ forecasts.
Forecasters have been surprised by the speed of the US economic rebound. Here is the Citi Economic Surprise Index (includes the ISM non-manufacturing report). However, the recovery has been losing momentum over the past couple of weeks.
Eurozone: Investor confidence remains soft.
China: China’s equity funds saw significant outflows ahead of the rally.
Equities: The S&P 500 is extremely concentrated.
Credit: US investment-grade yields are at record lows, with the Bloomberg/Barclays index approaching 2%. Thanks to the Federal Reserve, financing costs have collapsed for companies with strong balance sheets.
Food For Thought: Testing vs. new cases, by state:
Edited by Daniel Moskovits
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