http://MikesDailyMarketReport.com: Markit Manufacturing PMI rose just a tad in September, which it moved from 51.0 to 51.1. However, the more important index, ISM Manufacturing Index went further into contraction mode in September, as it dropped from 49.1% to 47.8%. This news further induced more worries over looming recession talk. Meanwhile, Construction Spending rose only 0.1% in August. Stocks were trading in Positive Territory to start the morning, as the Bank of Japan announced they'll pull back on their purchases of Bonds in an effort to strengthen their Banking System and boost Consumer Sentiment. However, the Markets turned Negative after the ISM data was released. China is celebrating it's 70th Anniversary of the People's Republic this week. MBS had started in the hole this morning, and thus skyrocketed after the ISM news, and is currently Up 23bps. Mortgage Rates have Improved today. Meanwhile, Yields skyrocketed earlier in trade on news of BoJ, but quickly readjusted on the ISM data (breaking below it's 25 DMA). It currently sits at 1.62%.
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