Asian markets closed little changed as enthusiasm over Friday’s EU Summit deal wore off. The Nikkei slipped 3 points to 9003, surrendering an earlier gain of nearly 100 points. The Kospi slipped .1% to 1852, and the Shanghai Composite closed flat. Australia’s ASX 200 was a notable exception, rallying .9% to 4133.
In Europe, stocks continued to climb. The CAC40 advanced 1.4% to 3240, the FTSE gained 1.3% to 5641, and the DAX rose 1.2% to 6496. Italian and Spanish stocks lagged behind, rising .3%, following their unusually sharp gains on Friday.
US stocks ended mixed following a weak ISM manufacturing report. The Dow slipped 9 points to 12871, the Nasdaq closed up .6% to 2951, and the S&P 500 rose .3% to 1366.
Dow Hovers Near 2-Month Highs
Best Buy jumped 5.9% amid speculation that the company may go private. Groupon plunged 10.5% after Susquehanna cut the stock’s price target to $12 from $15.
Currencies
The dollar traded mixed on Monday, as the market consolidated. The euro and Swiss franc fell .6% to 1.2587 and .9542 respectively. The Australian dollar rose .2% to 1.0258, and the yen gained .4% to 79.51. The pound and Canadian dollar both closed fractionally higher.
Economic Outlook
The ISM manufacturing PMI report unexpectedly fell to 49.7 from 53.5. A reading below 50 indicates economic contraction, and it was the first time in 2-years that the index dropped below that threshold. On a brighter note, construction spending rose .9%, exceeding forecasts for a .3% gain.
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Weak Manufacturing Report Lifts Bonds
Published 07/03/2012, 06:49 AM
Updated 05/14/2017, 06:45 AM
Weak Manufacturing Report Lifts Bonds
Equities
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