SCOREBOARD: Runaway rate cuts

A manufacturing spike pushed Wall Street higher, while the big question after the RBA's cut is: where will they stop?

The US manufacturing ISM index came in stronger than expected and led to a pretty decent bid on Wall Street. The index itself rose to 54.8 (from 53.4) which was stronger than the consensus forecast for a fall to 53.0. Moreover, if you check out all the major components there were rises across production, new orders, employment and exports. Prices were flat. So this is a great result – the best result in a year – and follows a lift in China’s manufacturing index yesterday.

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