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What Happened Monday and a Look Forward
The key economic event to start the week was the release of the August manufacturing PMIs. The reports largely confirmed what investors already knew, though will be some tweaks in the understanding of the macro picture. Here are the five takeaways: 1. Following the dismal household spending and soft industrial output reports last week, Japan followed up with some mixed economic data. The August PMI rose to 52.2 from 50.5 in July. Capex was weaker than assumed in Q2, rising only 3.0% rather than more than 4.0%, and auto sales fell 5% year-over-year last month after a 0.6% rise in July. The BOJ meets this week, but not ... (full story)