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Rebound continues with solid US data

U.S. shares headed for the biggest four-day rally in nine months as bonds rose worldwide on speculation central banks will act to limit the fallout from the U.K.’s vote to leave the European Union. 

The S&P 500 Index has recouped all but half a percent of the two-day rout triggered by Brexit. European stocks pushed their five-day gain past 3 percent for the best week in a month, with the U.K.’s FTSE 100 posting its biggest weekly rally since 2011. Treasury yields fell to record lows along with rates from Spain to Japan as policy makers signaled their readiness to shore up the economy. The pound fluctuated as gold extended a fifth weekly gain.

The pace of growth in the U.S. economy’s manufacturing sector increased in June, according to an industry report released on Friday. In a separate report, U.S. construction spending fell for a second straight month in May. The Institute for Supply Management (ISM) said its index of national factory activity rose to 53.2 from 51.3 the month before. The reading was above expectations of 51.3 from a Bloomberg poll. 

Bloomberg reported that PBOC has intervened Thursday afternoon in the FX market through state-owned banks to keep the yuan rate stable. Bloomberg said the statement comes from people, who asked not to be identified as they weren’t authorized to speak publicly and the intervention is due to abnormal volatility. PBOC did not respond immediately but issued a short statement to Bloomberg saying that report on intervention in FX market yesterday is untrue.

The US oil rig count rose by 11 to 341 this week, the biggest increase since December 2015, according to driller Baker Hughes.  The tally has now risen for four out of the last five weeks, rising oil prices encouraged some producers to ramp up production. Last week, the count fell by 7 after climbing during the prior three weeks — the longest streak since last August.

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