ISM Manufacturing Survey & Two Housing Reports

Regional reports from around the country have indicated that manufacturing conditions were improving in August, leading analysts to believe that today’s key economic release, the ISM manufacturing index, will boast a positive number for the first time since January 2008. In the past week, equity markets have been treading softly even as good data piles in, as investors continue to believe that the 52% rise in the S&P 500 since early March was overdone.

Ninety minutes before the opening bell, US indexes are down between 0.5% and 0.6%. Compared to global markets, US equities are somewhere in between the gains in Asia and the sell-off in Europe.

In Asia, Japan’s Nikkei ticked up 0.4% and Hong Kong’s Hang Seng climbed 0.8%, while China’s Shanghai inched up 0.5% after shedding nearly 7% on Monday. European markets are heading in the opposite direction, with the German DAX recently down 1.6%, France’s CAC trading 0.9% lower, and London’s FTSE 100 down 1.3%.

In addition to nationwide manufacturing conditions, two housing reports will also be released this morning. Details after the jump.

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