Stocks Rally as Trade Talks Get Back on Track

The last day of the month and quarter finds US indices taking another run at all time highs, with US index futures up 0.5%-0.7%. News that Canada has dropped the digital services tax on US companies, which was supposed to kick in today, has been greeted warmly, as it enables trade talks to resume.

Overseas market action has been mixed. The Nikkei gained 0.8%, but the Hang Seng fell 0.9%. In Europe, the DAX is down 0.2% while the FTSE is down marginally. Gold is holding steady today, while Bitcoin is up 0.4%. In commodity action, Crude Oil is down 0.3%, while Copper is down 0.7%.

This week is broken up with holidays in Canada on Tuesday and the United States on Friday, but it is still busy for economic news. Overnight, China’s Non-Manufacturing PMI was slightly better than expected, while Manufacturing PMI was in line. The US Chicago PMI (Street 3.0) is due at 9:45 am EDT. Tomorrow brings Manufacturing PMI reports from around the world; Wednesday is US ADP Payrolls, and Thursday brings US Nonfarm Payrolls and Service PMI reports.  

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