Morning Report – Euro bounces, Yen smashed and stocks recover. Yesterday never happened.
Markets reversed the moves of Monday in European and US trade overnight with stocks and the Euro sharply higher and the Pound returning to its recent more usual weak tone. It’s hard to tell exactly why markets are up so sharply but it tells you much of the tone at present when you read excuses why the fall in the US non-manufacturing ISM is still good and markets ignore the weak tone in the Italian and French Markit services PMI in favour of the very good German number of 55.7 against 52
