Stocks are sharply higher after centrist French presidential candidate Macron won a plurality in in Sunday's election. Anti-EU candidate Le Pen came in second. The final election is set for May 7th. The French stock market is up about 5%, the euro is at a five-month high, gold and bond prices are lower. (CNBC)
Eurozone PMIs hit 6-year highs. Purchasing Manager Index (PMI) data in the Eurozone came in a 56.7 for March (a headline number above 50.0 indicates expansion), besting analysts' expectations and reaching levels not seen since 2011. Both manufacturing and services saw improvements, with France and Germany, the group's two largest components, driving the increases. Employment growth rates also hit levels not seen in almost a decade; a particularly important sign for the European Central Bank (ECB), which referenced job creation as a key measure of the success of its stimulus policies. (LPL Research)
Summit Bank with branches in Eugene and Bend reported a rise in first-quarter profits compared to last year. They posted a profit of $762,000, up 31% from last year. Non-interest income in the quarter more than doubled in the last 12 months. The bank reached a record cash and securities portfolio of $49.2 million in the quarter, with capital growing 40% compared to 2016. (Summit Bank PR)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.