Equities trended higher overnight after America's major manufacturing index bounced.

Snap. There you have it. Coinciding with the start of a new quarter, the ISM index bounced back over the 50 mark in September (51.5 from 49.6) having spent the last three months below. Expectations were that the index would remain largely unchanged. As regular readers will know, this is a good survey, the best by far, but I was reluctant to buy the hype around the dip. Data is volatile after all and last night’s moves show the wisdom in being cautious. The index confirms trend growth in the US economy and suggests we may even see an acceleration after the summer lull.



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