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Markets Higher on Chinese Data

 (Image source: leoindustries)

Markets are rallying today on the strong PMI release out of China. The purchasing managers’ index showed acceleration in China’s manufacturing sector. PMI for the sector came at 50.9 for the month of October, which was a seven month high. Economists were expecting a reading of 50.5. New orders were up above 50, highlighting expansion. Last week, the country reported third quarter GDP growth of 7.8 percent. The combination of PMI today and GPD has the markets optimists about the outlook of the global economic.