The month of June began with investors on the back foot. Equity indices opened lower following the lead of the soft US performance into the close on Friday. US economic data on the day raised question marks over the strength of the US recovery. The ISM manufacturing survey dropped back under the 50 level for the first time since November 2012. The headline PMI reading was 49.0, 2 full points below expectations and a low since June 2009. Economic momentum appears to be easing through QII. 8 of 13 ISM sub-indices were sub-50 in May including new orders and production.
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Commonwealth Bank