Don’s Notebook June 22, 2018
The Purchasing Manager’s Index (PMI) Composite Flash Index provides an early estimate of current private sector output by combining information obtained from surveys of around 1,000 manufacturing and service sector companies.
- A pick up in services gave a lift to the Flash composite and offered an early signal of strength for June.
- The Flash June consensus for the PMI composite is 56.3 with PMI manufacturing seen at 56.5 and PMI services at 56.2.
Officials in the Trump administration are trying to restart high level talks with China, ahead of the start of $34 billion of new tariffs on the country’s goods on July 6.
- Staff of the National Economic Council are leading the effort.
Overnight, the MSCI Asia Pacific Index gained 0.1 percent, while Japan’s Topix index closed 0.3 percent lower to bring its losses for the week to 2.5 percent as trade fears continue to dominate markets there.
- In Europe, all of the major indicators are higher on the day, led by the FTSE at 1.5% higher. The Stoxx 600 Index is almost .9% percent higher right now as oil production stocks were lifted by rising crude prices.