Stronger than expected US manufacturing data triggers equity rally
A series of encouraging manufacturing surveys around the globe triggered a return of risk appetite leading to a rally in equities and commodities. The key manufacturing release of the day was the US ISM manufacturing survey which provided market watchers with a rare surprise to the upside with activity accelerating in August. This helped ease concerns over a sharp slowdown in economic activity in Q3 and cheered Wall St. with the S&P 500 almost 3% higher at the closing bell with European exchanges experiencing similar gains. The key event today is the ECB policy announcement and press conference.
