Scoreboard: Manufacturing mix-up

An error-riddled manufacturing release failed to give Wall Street the boost it could have, while the Australian dollar slipped further.

Normally, when you see data showing an expansion in US manufacturing it’s positive for markets -- maybe not bonds, of course. Yet last night, following the release of the ISM index, we got nothing. In fact stocks on Wall Street initially fell and ended the session flat, effectively. Crude prices even fell. Don’t forget that of all the manufacturing surveys out there, this is probably the only one that's any good. So when this survey says the US manufacturing sector accelerated in May, it matters.

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