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Data Hit MarketsTitle:
Dow hits more than 4-year high as economy fears ease
(Reuters) - U.S. stocks rallied on Tuesday and the Dow hit its highest level since December 2007, after data showed the U.S. manufacturing sector expanded at a faster pace than expected in April, easing jitters about a slowdown in the economic recovery.
With most markets in Europe and several major Asian markets closed for the May Day holiday, investors shifted their attention to U.S. economic data.
Data from the Institute for Supply Management showed growth in U.S. manufacturing came in its strongest rate in 10 months in April, suggesting the economy remains resilient after indications it had lost momentum at the start of the second quarter.
"'Sell in May'" is a valuable seasonal strategy when confirmed by our indicators. However, weakness in the measures we monitor, although growing, ...
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Copper slightly higher, China data supports
(Reuters) - Copper moved slightly higher on Tuesday helped by brisk manufacturing data in top metal consumer China and in the United States but concerns about the euro zone crisis and lower expectations of U.S. monetary stimulus kept a lid on prices.
Trading was thin with many markets shut for the May Day holiday, including China and parts of Europe, limiting the market impact of data showing a sustained expansion in China's factory sector.
Three-month copper on the London Metal Exchange was at $8,445 by 1522 GMT, after hitting a session high of $8,454. It closed at $8,400 on Monday.
China's official purchasing managers' index (PMI) rose to a 13-month high of 53.3 in April, signaling the world's No. 2 economy may be recovering from a first-quarter trough.
China consumes about 40 ...
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Global stocks, dollar rise after U.S. data
(Reuters) - World stocks and the U.S. dollar rallied on Tuesday after data showed U.S. manufacturing unexpectedly picked up last month, soothing recent worries about the global economy.
The Australian dollar fell nearly 1 percent against its U.S. counterpart after the Reserve Bank of Australia slashed rates by a deeper-than-expected 50 basis points. Domestic government bond yields hit 60-year lows.
U.S. factory activity expanded in April, the Institute for Supply Management said, with its index of national factory activity rising to 54.8 from 53.4 in March, above expectations of 53.0.
World stocks posted a loss of about 1.5 percent last month as worries about global economic growth resurfaced after data showed the U.S. economy cooled in the first quarter and the euro zone recession is ...
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Dollar slides vs euro, yen; Aussie dollar tumbles
(Reuters) - The dollar fell to a one-month low against the euro and to a 2-1/2 month trough against the yen on Tuesday in thin trading, weighed down by recent weak U.S. economic data that has rekindled speculation about a further round of monetary easing.
The Australian dollar, meanwhile, fell sharply after the Reserve Bank of Australia slashed rates by a deeper-than-expected 50 basis points.
A sharp fall in business activity in the U.S. Midwest and other data on Monday showing Spain was in recession dented investor appetite for risk and supported the safe-haven yen, which also rose against the broadly weaker Aussie dollar.
"Investors have focused on the recent spell of soft U.S. economic reports, which have added to the case for additional Fed easing in the months ahead -- a decidedly ...
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Growth worries mount, sending the dollar lower
(Reuters) - World shares eased and the dollar hit a two-month low against the Japanese yen on Tuesday, after signs of recovery in China's vast factory sector failed to offset worries over the health of the global economy and the euro zone crisis.
But activity was limited with many markets in Asia and Europe closed for the May Day holiday.
The MSCI's world equity index .MIWD00000PUS was down just 0.1 percent to 328.40, as it added to losses of about 1.5 percent in April. The stronger yen hit Japan's export-related equities, sending the Nikkei index .N225 to a 2-1/2 month closing low.
"In general, stock markets and risk assets seem to be extremely resilient in the face of the news flow which has undoubtedly been in the more negative nature," James Ferguson, strategist at Westhouse ...
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UK Economic Woes Continue To Mount
After plunging back into recession in the first quarter of 2012, UK data at the start of the second quarter hasn't been particularly encouraging. Today the manufacturing PMI survey for April was weaker than expected at 50.5 down from a revised 51.9 in March, which was the lowest level since December. The biggest decline was in the export sector, as the UK's largest trading partner, the Eurozone, suffers from its own economic and sovereign woes. However, what was worrying is that new orders to Asia and the US also fell sharply, which is concerning as they may not be able to balance out the weak growth coming from Europe.
Could the BOE expand QE?
This report is the first of three April PMI surveys released over the coming days and the results for the construction and services sectors will ...
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Aussie felled by RBA cut, U.S. dollar heavy
(Reuters) - The Australian dollar fell sharply on Tuesday after the Reserve Bank of Australia slashed rates by a deeper-than-expected 50 basis points while soft data nudged the U.S. dollar to a fresh two-month low versus the yen.
A sharp fall in business activity in the U.S. Midwest combined with data on Monday showing Spain was in recession dented investor appetite for risk and supported the safe-haven yen, which also rose against the broadly weaker Aussie dollar.
Markets had been expecting a 25 basis point rate cut from the Australian central bank (RBA) and the surprise drove the Australian dollar down more than 1 percent to $1.0312 and to a three-month low near 82 yen.
The Aussie traded near a five-month low against sterling, which rose above A$1.5700 despite a weaker than expected ...
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Copper dips on economy concerns, China data supports
(Reuters) - Copper dipped on Tuesday as brisk manufacturing data in top metal consumer China and a softer dollar failed to offset concerns about the fragile U.S. economy and the euro zone crisis.
Trading was thin with most Asian markets shut for the May Day holiday, including China and parts of Europe, limiting the market impact of data showing a sustained expansion in China's factory sector.
Three-month copper on the London Metal Exchange was down 0.1 percent at $8,391 a tonne by 1058 GMT, after hitting a session high of $8,450. It closed at $8,400 on Monday.
China's official purchasing managers' index (PMI) rose to a 13-month high of 53.3 in April, signaling the world's No. 2 economy may be recovering from a first-quarter trough. (nL4E8G10UO)
"I'm not sure there was enough in it to ...
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Gold eases from two-week highs as dollar ticks up
(Reuters) - Gold eased from two-week highs on Tuesday, breaking its longest stretch of daily gains since the start of this year, in line with the dollar paring earlier losses incurred by waning investor confidence in the reliance of the U.S. economy.
A sharp fall in business activity in the U.S. Midwest combined with data on Monday showing Spain was in recession dented investor appetite for risk and supported the safe-haven yen, which also rose against the broadly weaker Australian dollar.
Gold has drawn a degree of strength from the most recent spate of data from the United States that has revived expectations among some quarters of the investment community for the Federal Reserve to offer additional support to the economy via a third round of quantitative easing, or purchases of ...
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