Stocks, commodities and bond yields pulled back from their earlier highs on Tuesday afternoon even amid evidence of a strengthening global economic recovery. In the data, there are also signs that manufacturers are struggling to keep up with demand, which could increase inflationary pressures.
The S&P 500 was down 0.1 percent by midday, after being up as much as 0.7 percent in the morning. The yield on 10-year Treasury notes was at 1.61 percent, up two basis points but down from 1.64 percent earlier in the day.
Most European stock indexes were higher. The Stoxx Europe 600 index climbed 0.8 percent.
Shares of AMC Entertainment, the world’s largest movie theater chain, jumped 20 percent. The company’s shares were caught up in a trading frenzy earlier this year, when small investors briefly pumped up so-called meme stocks. The volatility has continued, and on Thursday, AMC shares closed at their highest price since 2017.
Measures of manufacturing activity in the both the United States and eurozone climbed in May to a record highs, according to IHS Markit.
The increase in manufacturing output is another sign that the eurozone economy is rebounding strongly in the second quarter, Chris Williamson, an economist at IHS Markit said. “However, May also saw record supply delays, which are constraining output growth and leaving firms unable to meet demand to a degree not previously witnessed,” he added.
In Europe, the annual rate of inflation in the euro area rose to 2 percent in May, according to the first estimate by the European Union’s statistics agency, reaching the European Central Bank’s target for the first time since November 2018.
Optimism was bolstered by rosier forecasts for economic growth released Monday by the Organization for Economic Cooperation and Development. The group predicted the global economy would expand by 5.8 percent in 2021, up from a 4.2 percent projection in December. It said the spread of vaccines and strong fiscal stimulus in the United States were helping improve the economy, but it raised concerns about variants of the virus.
In China, the manufacturing sector reported the strongest increase in new work for five months in May though there are also reports of supply delays and higher purchasing costs.
Oil prices were up, with West Texas Intermediate, the U.S. crude benchmark, gaining 2 percent to about $67.70 a barrel. The Organization of the Petroleum Exporting Countries and its allied producers including Russia decided on Tuesday to continue gradually increasing production quotas.
"oil" - Google News
June 01, 2021 at 06:59PM
https://ift.tt/3fEe54n
Stocks, Oil and Bond Yields All Climb as Economic Data Improves - The New York Times
"oil" - Google News
https://ift.tt/2PqPpxF
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Stocks, Oil and Bond Yields All Climb as Economic Data Improves - The New York Times"
Post a Comment