The US Manufacturing ISM Improved Unexpectedly in May
European shares opened slightly lower but lost further ground during the session as sentiment weakened at the start of the new month. Currently, European shares lose up to 1%. US equities opened lower too.
The US manufacturing ISM improved unexpectedly in May, rising from 50.8 to 51.3, while a slight drop was expected. The details were mixes showing only a substantial increase in prices.
The OECD called on governments to stimulate their economies by expanding investments and implementing policies that fuel competition, increase labour mobility and strengthen financial stability as the world is ensnared in weak growth and vulnerable to falling into another deep downturn.
Ahead of the launch of the ECB's corporate bond buying programme companies are increasingly issuing eurodenominated debt to fund M&A and share buybacks, with most of the activity coming from across the pond in the US, rating agency Fitch said, warning that the programme could encourage companies to pile on debt.
Later today, the Fed will release its Beige Book ahead of the June 14‐15 FOMC meeting.