Mid-Day Report: Sentiments Reversed after Strong ISM Manufacturing, Dollar and Yen Lower

02 November 2009 @ 06:28 pm EDT

Markets sentiment reversed earlier today following strong rebound in China stocks. Optimism further increased after the release of stronger than expected data from US. ISM Manufacturing index rose much more than expected to 55.7 in October, highest reading since April 2006. The data suggests recovery in the manufacturing sector is gathering strong momentum. Employment component also improved remarkably to 53.1, the first expansionary reading since August 2008, arguing that job market is expanding in the sector too. Stocks reacted positively with DOW rebounding over 100pts so far while dollar and yen weakens sharply. Also released from US, pending home sales rose 6.1% mom and construction spending rose 0.8% mom in September.

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