Stocks were up and down in another volatile session on Tuesday, as concern about the impact of the war in the Middle East continues to weigh on markets. "Risk on" sectors such as communication services and technology were down and energy was up again, as investors, traders and speculators assess how long traffic through the Strait of Hormuz will be jammed.
"A negative supply shock has hit the global PMIs in March," Renaissance Macro Research Head of Economics Neil Dutta writes of today's release of the S&P Global Flash Manufacturing Purchasing Managers Index and the Flash Services PMI. "Across the flash composite PMIs – Euro Area, Japan, India, Australia – released there was a clear theme, slowing activity and rising inflation."
