Stocks in Asia and Europe rose, shrugging off worries of the U.S. unrest and mounting tensions between Washington and Beijing
An official business survey from China showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened.E-Mini futures for the S&P 500 ESc1 however were trading 0.2% lower on simmering U.S.-China tensions.
“I agree the riots are not good but the perception is that this is a local issue...and the uncertainty has spilled over into a lower dollar,” Bailey added. The turmoil in the U.S. was a fresh setback for the economy which was only just emerging from a downturn akin to the Great Depression. Following poor data on spending and trade out on Friday, the Atlanta Federal Reserve estimated economic output could drop a staggering 51% annualised in the second quarter.
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