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Today’s 4-1-1

4 Things you should read:

1 Data and Market Summary:

  • Manufacturing readings were weak in the US.  The ISM report came in at 51.3 vs expectations of 56.  New orders were particularly weak with a historic drop of 13.2 to just 51.2.  This is consistent with last week’s durable good’s orders.  The PMI report from Markit was a bit better at 53.7.  This was just shy of expectations of 53.9.  New orders were down to 53.9 from 56.1.  New export orders contracted at 48.4.

  • Eurozone PMI hit 54, up from 52.7 in December. This is a 32 month high.

  • China’s non-manufacturing came in at 53.4, an eleven month low.

  • Fears of global weakness were sparked by the Chinese report which sent the Yen higher and renewed fears of a global slowdown and potentially larger problems in emerging markets.  The US markets were down over 2% and are now off 5%+ year to date.

1 Pretty Picture:

  • How weird was today’s ISM reading?  Well, you can see how the national index has diverged from the regional indices (chart via Michael McDonough):



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