The global equity markets are mixed. S&P Futures are down about 27 points to trade around the 4130 area. The market has peeled back from last week’s strength. The spoos hit the high early in the session at 4202.25. The S&P is currently sitting just off the low of 4121.50.
In Asia, China rose 1.2% while Japan slipped 0.3%. The Shanghai Composite responded favorably to better than expected Chinese Manufacturing PMI data. The May print came in at 49.6, topping the forecast of 48.0. In Japan, the Nikkei seemed to follow US futures lower. Shipping stocks were under pressure on Tuesday with names like Kawasaki Kisen Kaisha and Mitsui OSK Lines sinking over 3%.
In Europe, Germany and France are underwater while the UK is stronger. Hotter than expected inflation in France and the Eurozone seemed to have tipped the scales in favor of the bears. The FTSE is being propped up by commodity plays. With crude oil flirting with $119, Shell and BP are up well over 1%. Metals and miners such as Anglo American, Glencore and Antofagasta are trading better than 1% as well.