Traders bid up equities on the last day of February with the hope that the first of the month trend would continue today. Unfortunately for these speculators they woke up to a market with no bids. Ultimately, a benign ISM report, weak Chinese PMI and surging oil prices smashed these traders back down to earth as S&P 500 futures sank 1.5% on the day.
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- As previously mentioned, Chinese PMI was weaker than expected. This is not to be overlooked by investors as the recovery in China has been the primary driver of the global recovery. A slowdown in China would almost certainly choke off recovery as the developed markets remain mired in balance sheet recessions.
- The ISM was relatively strong at 61.4. The report was similar to the last few and showed strength almost across the board. Investors were not surprised by the report as broad economic
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Rosario Dawson Tricia Helfer Elena Lyons Brooke Burns Lena Headey
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