The headline index measuring big manufacturers' sentiment clocked in at a worse-than-expected minus 9 in June, but is expected to improve to plus 2 over the next three months, the survey showed just before the opening bell.
"The market had been focusing on the outlook, so as long as that is improving, I think we can say that the data is already priced into the stock market," said Yumi Nishimura, a senior market analyst at Daiwa Securities.
The survey also showed big firms plan to raise their capital spending by 4.2 percent in the financial year to March 2012, more than the market's median forecast for a 2.2 percent rise.
"Expectations for companies to increase their capital spending will likely lift the market from July," Nishimura added.
"The market had been focusing on the outlook, so as long as that is improving, I think we can say that the data is already priced into the stock market," said Yumi Nishimura, a senior market analyst at Daiwa Securities.
The survey also showed big firms plan to raise their capital spending by 4.2 percent in the financial year to March 2012, more than the market's median forecast for a 2.2 percent rise.
"Expectations for companies to increase their capital spending will likely lift the market from July," Nishimura added.
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