On 4 May, 2015 – Strong eurozone manufacturing data boosted European markets

Most stock indices advanced Monday thanks to perceived progress with Greece and positive economic data from the US.
United States
Stocks advanced Monday as investors assessed corporate earnings and got a lift from a March factory orders report. A promise by China’s leaders to shore up growth and hopes of progress in Greece’s bailout talks with its creditors also helped global stocks rally. Some traders credited the Federal Reserve’s policy announcement which did not change its policy stance. The Dow Jones industrials and S&P added 0.3 percent while the Nasdaq was 0.2 percent higher on the day.
Cognizant Technology Solutions gained after it reported earnings that beat expectations and raised its earnings and sales outlooks for the year. Tyson Foods also climbed after reporting solid earnings. Comcast reported better than expected profit and revenue growth in its first quarter, as its broadband division posted its strongest revenue growth in more than four years. The company also announced it will spend another US$2.5 billion buying back shares this year. Berkshire was up, giving the biggest boost to the S&P after the insurance and investment conglomerate’s results beat forecasts. McDonald’s retreated after its plan to turn the fast-food chain into a “modern, progressive burger company” failed to impress shareholders.
March factory orders were up 2.1% following seven monthly declines. Orders in a key category that tracks business investment plans edged up 0.1% — the first advance in the category since last August.
Greece made progress with its creditors over the weekend on how to stave off bankruptcy, despite complaints in Athens that the International Monetary Fund was pushing the country too hard to implement labor reforms. Greece must come up with a series of economic reforms and budget measures that are acceptable to creditors in order to secure the remaining money in its bailout fund.
There was no gold fixing Monday. Markets in London were closed. Copper futures were down 0.55% to US$2.91. WTI spot crude was down 22 US cents to US$58.93. Dated Brent spot crude was down 4 US cents to US$66.42. The US dollar was up against the euro, pound and the Swiss franc. It was virtually unchanged against the yen. However, it declined against the Canadian and Australian dollars. The Dollar Index was up 0.2%. The yield on US Treasury 30 year bond was up 5 basis points to 2.88% while the yield on the 10 year note was up 4 basis points to 2.15%. 
Europe
Stocks were up following the long holiday weekend. Markets in Great Britain were closed for a bank holiday. Investor sentiment received a boost from the better than expected Eurozone manufacturing PMI data and positive US factory orders. The CAC was up 0.7%, the DAX gained 1.4% and the SMI advanced 0.2%.
Bayer finished higher after the company said its oral anticoagulant Xarelto has been approved by the Chinese Food & Drug Administration. Both Fresenius and Fresenius Med Care gained as did Merck. Daimler and BMW advanced but Volkswagen declined. Technip gained but Total retreated. Société Générale, BNP Paribas and Crédit Agricole were up on the day. Syngenta surged after media reports emerged late Thursday that Monsanto has approached the company about a possible takeover.
The Eurozone manufacturing sector expanded slightly more than initially estimated in April. The PMI slipped to 52 in April from 52.2 in March and was above the flash reading of 51.9. The Spanish manufacturing sector maintained its growth as improving client demand led to sharp expansion in output and new orders. Greece’s manufacturing sector contracted for the eighth consecutive month in April, as output and new orders fell at faster rates.
Asia Pacific
Stocks were mixed Monday. Hong Kong shares ended almost flat after the April manufacturing PMI for China indicated that factories suffered their fastest drop in activity for a year as new orders fell. The China HSBC PMI dropped to 48.9 — the lowest level since April 2014 — from 49.6 in March. Although the weak data stoked expectations of fresh stimulus by the Chinese government, it also added to worries that sectors such as banks could suffer from the slowdown. The Hang Seng was virtually unchanged (down 9.18 points) while the Shanghai Composite added 0.9% as data suggested Beijing may need to further bolster the economy. Markets in Japan were closed for holidays.
The Kospi added 0.2%. Of the April PMI readings from around the region Monday, South Korea’s was among the most disappointing, coming in at 48.8, the weakest since October. Like in China, the weak data makes the case for further stimulus in South Korea, although economists expect the government to use fiscal stimulus, given that it cut interest rates to a record low in March. The Sensex rallied 1.2% after dropping 1.6% last week.
Global Stock Market Recap

Please remember, the value of investments and the income from them can do down as well as up. Funds that invest in overseas markets may be subject to currency fluctuations. Investments in small and emerging markets can be more volatile than other overseas markets. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only.
Looking forward*
The Reserve Bank of Australia publishes its monetary policy decision. April construction PMI is posted for the UK. March international trade data for Canada and the US are reported. In the US, the April services PMI and ISM nonmanufacturing index are on tap. 
*Note — all releases are listed in local time