US markets suffered a bizarre morning of volatility after the Institute for Supply Management revised its closely watched manufacturing survey twice in the space of a couple of hours.
Although economic data are often revised, it normally takes months, not minutes. The incident highlights the sensitivity of financial markets to a survey-based indicator put out by a private organisation.
At 10am, the ISM said its purchasing managers’ index had fallen to 53.2 in May, down from 54.9 in April and well below market expectations of 55.5. Such a fall would be a worrying sign of economic weakness. Ten-year Treasury yields immediately dropped from 2.51 to 2.49 per cent.
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