Stocks Climb on Negative Breadth
Today's financial recap and tomorrow's financial outlook.
European economic data was generally in line with expectations. The second estimate of eurozone manufacturing PMI rose to 46.8 from the prior estimate of 46.6 and unemployment for February rose to 12.0% from the month prior's 11.9%. The first estimate of German consumer inflation fell to 1.4% from 1.5% the month prior, but was a bit above the 1.3% estimates.
Overnight, the Reserve Bank of Australia kept rates on hold as expected. The central bank was positive on the Australian economy and corporations, but still warned that the economy was vulnerable to setbacks and shocks.
Gold came under serious pressure today and dropped 1.6% as Societe Generale said that gold was in a bubble. The talk was attributed to reduced demand for gold traded products and physical gold materials.
Tomorrow's Financial Outlook
Tomorrow the week's economic data starts to pick up. The ADP private payrolls report is expected to show a monthly gain of 200,000 from the 198,000 prior. The ADP Institute has improved its survey methods for the payrolls report, and the report now more accurately reflects the BLS' nonfarm payrolls report. The other major datapoint is the ISM's non-manufacturing composite, which is expected to remain in "expansionary" territory with a reading of 55.5, down from last month's 56.0.
Overseas, China will also report its non-manufacturing PMI and the UK will report construction PMI. The UK's construction PMI is expected to grow modestly to 48.0 from 46.8, but remains in recessionary territory.
The two earnings reports come from agricultural companies Monsanto (MON) and ConAgra Foods (CAG).
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