Markets Move Up – Monday Musings 10/05/2021
The good news is that the FTSE100 breached the 7000-barrier ending the week on 7129. As well as this milestone one of the key markers on the health of the manufacturing industry the Purchasing Managers Index came in at 60.9. So, what does this mean? Anything below 50 mean things are looking bad in manufacturing anything over 50 means things are on the up. 60.9 is a 27-year high. The service industries have also recorded strong growth although this is more often the case than the manufacturing sector. So, all in all a very satisfactory week for the UK. But as with all things there needs to be a touch of realism both sectors are bouncing back from a low starting point, having said that it certainly looks as if we are for a period of steady growth for the foreseeable future.
Markets in Europe and the USA- except the NASDAQ- had a good week with the Dow Jones up 2.67% which was even better than the FTSE200 with 2.29%. The three main markets in the Far East went backwards but not enough to discount the gains in our portfolios from the other markets.
The best news is that we had two winners to last weeks competition Mr SC from Dibden Purlieu and Mr SM from Southampton, a hamper on its way to both gentlemen.
So, to the markets