24 Jun 20 - Promising Data  | Delegat's Upgrade Global markets were up overnight (US market S&P 500 +0.4%) as improving economic data and the prospect of more stimulus bolstered hopes of a swift recovery. Data showed that the pace of contraction in the US manufacturing and services sectors slowed in June as businesses reopened after lockdowns that started in mid-March and new home sales jumped 16.6% in May, blowing past estimates of a 2.9% There was also a run of positive manufacturing data out of the Euro area beginning with France, then Germany, then the UK which encouraged a rally in risk assets.  Despite rising coronavirus cases, there is a lack of appetite for further economic lockdowns among US Federal and state officials which likely cheering investor sentiment. However the rise in unemployment and risks associated with the virus will see some sectors recover a lot slower, particularly travel, leisure and entert...