Copper in Shanghai headed for its best close since March in a relief rally after U.S.-China tensions eased and manufacturing data from the Asian nation pointed to a continuing slow recovery.
President Donald Trump’s threatened new measures against China proved weaker than expected, easing a major source of market jitters over the past week. That left investors focused again on prospects for a demand recovery, with two key gauges of factory activity in China solidly in expansionary territory.
The Caixin purchasing managers index came in higher than expected, rising to 50.7 from 49.4 in April, with new orders jumping to the highest since January
This follows the official PMI gauge on Sunday that came in at 50.6, slightly lower than expected but still above the 50 that signals expansion
Asia PMIs show a long, slow climb is coming, according to Bloomberg Economics
Investors will watch widespread urban unrest in U.S. for signs that developments could complicate country’s economic recovery
(Source Bloomberg)