ISM data hobbles Wall Street
|A relief rally in Europe contrasts with a poorer start to July on Wall Street, thanks to another poor ISM figure, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
FTSE 100 makes small gains
“It’s not been a roaring start to the week in London, but the gains for continental markets have spilled over to London, while both Land Securities and British Land have made strong gains following a broker upgrade. For now European markets are enjoying a relief rally, but with French yields still rising there is plenty of nervousness about the outlook for France and the French economy.”
US stocks turn lower in early trading
“July has been a strong month for the past decade, but the first session has not gotten off to a particularly cheery start. Early gains for the Dow were promptly walloped by a weaker ISM manufacturing figure, which was below 50 for the third month in a row. With Thursday out of the picture it looks like investors will be twiddling their thumbs for most of the week.”
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