Yesterday saw a slew of PMI data sets out of the eurozone, UK and finally the US. The overriding tone to the day of data was negative, headlined by heavy misses on some eurozone and UK PMIs. However, US data was seen bucking the trend with the manufacturing PMI coming in above expectations. Though still in contractionary territory at 49. The data was above the 46.3 recorded over the prior month and firmly above the 46 the market was looking for. With much focus on recession risks currently, this latest US data is perhaps reassuring traders that the economy is not yet headed for the ground, given the rebound we’re ... (full story)