SCOREBOARD: China flash

Asian and European stocks jumped on the back of China's flash PMI estimate, while the US gave thanks.

As US markets were closed for Thanksgiving Day there wasn’t all that much going on. Most of the focus has been on that ‘flash’ estimate of China’s PMI that we saw in our session yesterday. Recall the index rose to 50.4 from 49.5, which signals economic expansion. We already knew that from the hard data anyway, so I’m not sure the signal was all that valuable. But it was something and with nothing on the cliff or European pantomime to offset it, global equities pushed higher – starting in the Asian session yesterday and then into the European session overnight, although admittedly volumes were light. At the close the Dax was 0.8 per cent higher, the CaC rose 0.6 per cent, while the FTSE100 was up 0.7 per cent.

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