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Markets Today – Shivers
Weak European PMIs have seen yields fall, though moves in US Treasuries retraced latter in the day. China’s Politburo also announced some supportive measures for the real estate sector and for consumption, though fell short of announcing large-scale fiscal or monetary stimulus – will more come later in the week? Given expectations for stimulus had been pared back, a modest risk-positive reaction has occurred with copper erasing earlier losses given mooted property support to be up 0.8%. As for the PMIs the Eurozone Composite was 48.9 vs. 49.6, and while weakness in manufacturing is well known, what was the bigger ... (full story)