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| Version 1 | Version 2 |
|---|---|
| Markets up on good economic news | Markets up on good economic news |
| (20 minutes later) | |
| Stock markets have been rising strongly following upbeat economic news. | Stock markets have been rising strongly following upbeat economic news. |
| In the US, the Dow Jones is trading up 2.9% while London's FTSE 100 closed up 2.0%, Frankfurt's Dax rose 4.1% and the Cac40 in Paris gained 3.1%. | |
| Reports on the manufacturing sectors in China, the US and the UK gave fresh hope that the battered sectors were on the road to recovery. | Reports on the manufacturing sectors in China, the US and the UK gave fresh hope that the battered sectors were on the road to recovery. |
| Also in the US, consumer spending was better than expected and construction spending rose for the second month. | Also in the US, consumer spending was better than expected and construction spending rose for the second month. |
| Two measures of manufacturing in China showed the sector expanded in May. | Two measures of manufacturing in China showed the sector expanded in May. |
| I can't really buy into today's super-happy stock market Kim Caughey, Fort Pitt Capital Group | I can't really buy into today's super-happy stock market Kim Caughey, Fort Pitt Capital Group |
| The brokerage CLSA Asia-Pacific Markets said its purchasing managers index rose to 51.2 in May from April's 50.1. Any reading over 50 indicates that the sector expanded. | The brokerage CLSA Asia-Pacific Markets said its purchasing managers index rose to 51.2 in May from April's 50.1. Any reading over 50 indicates that the sector expanded. |
| The official China Federation of Logistics and Purchasing said its measure slipped to 53.1 from April's 53.5, which still suggested growth. | The official China Federation of Logistics and Purchasing said its measure slipped to 53.1 from April's 53.5, which still suggested growth. |
| A similar report in the US showed that its manufacturing sector was still contracting in May but at the slowest pace since September. | A similar report in the US showed that its manufacturing sector was still contracting in May but at the slowest pace since September. |
| The Institute for Supply Management's index came in at 42.8, which was better than had been expected. | The Institute for Supply Management's index came in at 42.8, which was better than had been expected. |
| The purchasing managers' index in the UK showed that the manufacturing sector was also contracting in May, but that it was shrinking at its slowest pace for a year, with a reading of 45.4. | The purchasing managers' index in the UK showed that the manufacturing sector was also contracting in May, but that it was shrinking at its slowest pace for a year, with a reading of 45.4. |
| GM out | GM out |
| But there was some scepticism about whether the market rally was justified. | But there was some scepticism about whether the market rally was justified. |
| "I can't really buy into today's super-happy stock market," said Kim Caughey, equity research analyst at Fort Pitt Capital Group. | "I can't really buy into today's super-happy stock market," said Kim Caughey, equity research analyst at Fort Pitt Capital Group. |
| The economic data were "better than expected, but I wouldn't say they were great", she added. | The economic data were "better than expected, but I wouldn't say they were great", she added. |
| The rises came despite the news that General Motors had filed for Chapter 11 bankruptcy protection, which had been widely expected. | The rises came despite the news that General Motors had filed for Chapter 11 bankruptcy protection, which had been widely expected. |
| General Motors dropped out of the components of the Dow Jones Industrial Average on Monday, as did Citigroup. | General Motors dropped out of the components of the Dow Jones Industrial Average on Monday, as did Citigroup. |
| They were replaced by Cisco Systems and Travelers. | They were replaced by Cisco Systems and Travelers. |
| Earlier, Tokyo's Nikkei-225 closed up 1.6% and the Hang Seng in Hong Kong soared 4.0%. | Earlier, Tokyo's Nikkei-225 closed up 1.6% and the Hang Seng in Hong Kong soared 4.0%. |