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Market opens strongly

This morning the S&P/ASX 200 (ASX: XJO) (Index: ^AXJO) is trading around 40 points stronger at 5,176 thanks to strong PMI data out of China.

The official PMI index rose to 51.0 last month, ahead of July figures of 50.3 and expectations of 50.6. The numbers appear to have offset the losses experienced in the US as a result of the government’s possible intervention in Syria, although those fears are starting to ease.

Despite strong gains from most of S&P/ASX 20 (ASX: XTL), BHP (ASX: BHP) is slightly lower at $35.73 despite trading ex-dividend. Fellow miner Rio Tinto (ASX: RIO) is up 1.99% at $59.46.

The big banks are higher with ANZ (ASX: ANZ) and Commonwealth Bank (ASX: CBA) up around 0.77%. Telstra (ASX: TLS) and the two big supermarkets are trading higher between 0.8%-1.6%.

In the broader index, Billabong (ASX: BBG) is a stand-out performer, up 13% on the back of a company update whilst Gindalbie Metals (ASX: GBG) is down 6.7%.

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Motley Fool contributor Owen Raszkiewicz does not have a financial interest in any of the mentioned companies. 

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