ISM: Leading or Lagging? Charting ISM, PMIs, S&P500 & FTSE100

Now that the US manufacturing ISM survey has finally succumbed to contraction territory (sub-50) already seen by the Purchasing Managers Indices (PMIs) of the eurozone, Germany, UK and China, we await further declines in the survey as well as a confirmation in services survey.

THE TREND REMAINS CLEARLY NEGATIVE especially as the latest Philly Fed survey fell to -16.6 (lowest since August 2011), latest Empire State Manufacturing survey dipped to 2.3 (lowest level since November 2011) and last weeks release of the Chicago PMI hit 52.9 (just above prior months 32-month low). SEE MORE BELOW : http://www.cityindex.co.uk/market-analysis/ashraf-laidi-blog.aspx