Global Equity Markets Start Third Quarter On Positive Note

(Kitco News) - Most World markets started the second half of 2017 on an upbeat note Monday, boosted in part by positive manufacturing data just released.

The Eurozone June manufacturing purchasing managers' index (PMI) came in at 57.4 versus 57.0 in May. A reading of 57.3 was expected in June. U.S. stock indexes are also pointed toward higher openings when the New York day session begins.

Gold prices are weaker and hit a six-week low overnight, on slack demand for the safe-haven metal amid the keener "risk-on" trading atmosphere exhibited in the world marketplace recently.

It will likely be a quieter day in the U.S. markets Monday. Many traders and investors are opting to take an extended holiday weekend ahead of U.S. Independence Day on Tuesday. Some U.S. markets close early Monday.

The key "outside markets" on Monday morning see Nymex crude oil futures prices near steady. Prices did hit a two-week high overnight. Oil bulls have some upside momentum to begin to suggest that a near-term bottom is in place. Meantime, the U.S. dollar index is higher early today, on short covering after hitting a nine-month low last Friday. The greenback bears still have the solid overall near-term technical advantage.

U.S. economic data due for release Monday includes the U.S. manufacturing PMI, construction spending, the ISM manufacturing report on business, the global manufacturing PMI and domestic auto industry sales.

By Jim Wyckoff, contributing to Kitco News; [email protected]
Follow Jim Wyckoff @jimwyckoff for breaking news.