Better-than-expected purchasing managers’ index (PMI) data for the euro zone led to further gains for European stocks and boosted the Euro to a one-month high. “Encouraging news,” said Howard Archer, an economist at IHS Global Insight. “With the euro zone purchasing managers surveys supportive to the view that the euro zone has finally stopped contracting and could very well eke out marginal growth over the second half of the year.”
June saw the highest number of home sales in five years, marking the third consecutive month of growth for home sales. Compared to June 2012, last month’s sales were up 38 percent, the largest yearly rise in two decades.
It was yet another positive week for global markets, with the S&P 500 up 0.96% and the MCSI Emerging Markets Index ending the week 1.52% higher. The tech-heavy NASDAQ did slip 0.53% with its large position in Microsoft (MSFT) weighing on the overall index.
Big gainers in your Alpha Investor Letter portfolio included iShares MSCI Ireland Capped Investable Market Index (EIRL), up 1.68%, as well as two of your new “Warren Buffett-beating” U.S. stock picks -- the <
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