The distributor of a leading manufacturing index is eliminating a trading advantage some investors currently enjoy by ending the selective early release of the data only through Reuters, reports Brody Mullins of The Wall Street Journal.
Mullins writes, “Markit’s purchasing managers index, or PMI, was previously distributed by Thomson Reuters Corp., which gave the results of the business surveys to investors and other high-paying clients two minutes before they were released to the general public.
“Under the new arrangement, Bloomberg LP and Thomson Reuters will be the primary distributors of the economic data and both will make the information public at the same time.
“Markit produces dozens of economic surveys from more than 30 countries, including the U.S. The data is closely followed by traders because it is considered to be an early indication of developments in the retail and factory sectors, two areas that can move markets substantially.”
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