|Global Market Wrap-Up - Global Market Wrap-Up|
A weaker than expected ISM Services number caused weakness in most US markets; this reinforces a recent pattern where ISM Manufacturing has shown relative strength whereas Services, which make up a much larger part of the US economy has lagged. Despite trillions of money poured into the economy via federal government & Federal Reserve. While today's number was over 50 (signaling expansion) it was barely so.
The S&P 500 fell 0.6% while the NASDAQ was able to snare a small gain of 0.1%. All eyes will remain on Friday's labor reports in the US.
Sovereign debt issues in Europe continue to cause consternation; this time it was Portugal, joining Greece, at the forefront.
This caused the dollar to strengthen, which of course led to weakness in many risk assets, including commodities - as has been the inverse relationship for the better part of 2+ years. Crude oil dropped 73 cents to fall just under $77, gold fell $5.60 while silver gave back roughly 1% to finish at $16.58.
European indexes were weak with losses in Britain (-0.6%), Germany (-0.7%) and France (-0.5%).
Asian stocks rebounded to post across the board gains with excess strength in China (+2.4%), India (+2.1%), and Hong Kong (+2.2%). Japan had a modest gain of 0.3%.
Aside from being a daily contributor to Euro Pacific Capital, Mark also maintains the website Fund My Mutual Fund.