Following last Friday's shocking weak US GDP print, Asian stocks jumped to an 11 month high on reduced prospects of a near-term rate hike, while the region also digested mostly encouraging in conflicting Chinese PMI data. European bank stocks initially rose following the release of the 2016 stress test then declined, tempering gains in global equity indexes, amid investor skepticism over the usefulness of stress-test results and weaker oil prices. Shares and currencies in emerging markets rallied to the highest in about a year, while miners and industrial metals jumped.
In our Chinese stock market wrap following Friday's unexpected rate cut, which saw the Shanghai Composite storm out of the gate, we said that "we would not be surprised to see China's stocks sliding back into the red very shortly as "sell the news" concerns return, and as the increasingly more addicted "markets" demand even more liquidity from central banks just to stay unchanged, let alone rise to new all time highs." Sure enough, with just minutes to go before
(NEW YORK) — U.S. stocks dropped sharply in early trading Monday morning after a plunge in China triggered by weak Chinese manufacturing data and escalating tensions in the Middle East. The Dow Jones industrial average sank 2 percent. China’s main index plunged lost 7 percent, forcing an emergency trading suspension. European indexes fell between 2 and 4 percent.
London (AFP) - Fresh Chinese stimulus sparked a global stocks rally Wednesday in markets that had been coloured red by fears of a slowdown in the world's second-largest economy, with Tokyo surging almost 8 percent.
Just like the last time when Chinese flash PMI data came out at the lowest level since the financial crisis, so overnight when both the official Chinese manufacturing and service PMI data, as well as the Caixin final PMI,s confirmed China's economy has not only ground to a halt but is now contracting with the official manufacturing data the lowest in 3 years and the first contraction in 6 months, stocks around the globe tumbled on concerns another major devaluation round by the PBOC is just around the corner (especially following the unexpected strenghtening in the