SCOREBOARD: Manufacturing rift

Wall Street is likely to bounce back this week after a manufacturing beating, while it still wouldn't take much for the Reserve Bank to cut.

Not a great start to the week, what with the main stock indices in the US falling 0.45 per cent on the S&P500 (1562), 0.1 per cent on the Dow (14563) and 0.9 per cent on the Nasdaq (3238). It seems market participants took fright after  the ISM manufacturing index fell more than expected in March (to 51.3 from 54.2 and against a forecast of 54), while China’s PMI didn’t rise as much as forecast (50.9 from 50.1 and a forecast of 51.2). The ISM is a good survey but it bounces around like the rest of them – so one or two months where the index dips aren’t really worth getting concerned over.

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