Stocks moved up this week led by better than expected economic reports and a rebound from oversold conditions.

The US ISM rose to 56.3 countering many regional reports which indicated a weakening manufacturing sector.

US unemployment held steady and was taken by the markets as a net positive after some worse than expected job numbers the past two months.

The ECB kept interest rates unchanged during their meeting this week.

In an odd move, the ECB announced before the ECB conference a plan to ban naked short sales of stocks and government debt.

Sweden’s Riksbank raised repo rates by 25 bp and indicated that they will continue to raise rates going forward.

Have a great Labor Day weekend everyone.

Next Week

Monday – Bank of Japan Policy Meeting

Tuesday – Bank of Japan Policy Meeting, Reserve Bank of Australia Policy Meeting, Japan Leading Economic Index, German Manufacturing New Orders,

Wednesday – Bank of Canada Policy Announcement, UK Industrial and Manufacturing Production

Thursday – US and UK Trade Balances, Bank of England Policy Meeting

Friday – Japan 2nd Quarter Final GDP

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