Manufacturing numbers from the US, China and Germany expected the renewing optimism for the global economic outlook and encouraging investors to take on risk. Early in the afternoon trading in New York, the Dow Jones Industrial Average rose 1.16 percent, the Standard & Poor’s 500 Index gained 1.24 percent and the Nasdaq Composite Index climbed 1.32 percent.
In Europe, the Stoxx 600 Index wrecked the session with a 2 percent increase. The euro also gained, strengthening 0.8 percent to US$1.3194 and 0.7 percent to 100.52 yen. An index of the US manufacturing sector rose in January to its maximum level since June, while China’s factory sector unexpectedly stretched out. In Europe, Germany posted its first increase in http://micronassociates.org/news/ manufacturing output in four months while a UK manufacturing gauge climbed to an eight-month high.
John Manley, chief quity strategist at Wells Fargo Funds Management in New York told Reuters told that “Manufacturing numbers are what the market is jumping on”. Some strategists are updating their bearish forecasts to mirror a better-than-expected start to 2012. Just two weeks after saying that investors should “remain cautious,” Larry Hatheway, the chief economist at UBS, raised his recommendations on global shares and high-yield bonds in a January 23 note to customers entitled, “Wrong, but not too late,” Bloomberg News reported. Royal Bank of Scotland Group, and Benoit Anne, the global head of emerging-markets strategy at Societe Generale said their estimates for developing nations were proven wrong.
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