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Mid-Day Recap: Global Stocks Lose Balance
It’s been a brutal morning in the equity markets, not just in the US but globally. China’s Shanghai stock market plunged 5.8%, its worst daily loss since November, sending investors into a global sell-off frenzy. Japan's Nikkei index fell 3.1%, Britain's FTSE 100 slid 1.7%, Germany's DAX closed 2% lower, and France's CAC-40 fell 2.3%. By the time the US markets opened, equity futures had already taken a beating in pre-session trading.rnrnSince the open, markets have moved slightly higher but the mid-day results are still awful. As of 12:30, the Nasdaq is the worst of the bunch, trading down 2.42%
Foreign Demand for Treasuries Still Strong. Concerns Growing Though…
Mixed news hit the markets half an hour before all three indexes opened down by more than 2% on Monday. The TIC flows report, which tracks the volume of investments flowing in and out of the country, showed a large inflow of capital in June, as appetite for Treasuries remained healthy, but total net flows showed a worse than expected outflow. rn
NY Fed Manufacturing Index Improves
Stock markets opened sharply lower on Monday morning with all three major indexes more than 2% lower in the early minutes of trading. Losses could have been even worse but equity futures moderated somewhat before the bell, following an upside surprise in the New York Fed’s manufacturing survey.rnrnThe Empire State Manufacturing Survey indicates that conditions for New York manufacturers are at their most optimistic level since November 2007. The headline Business Conditions index expanded by 13 points to a +12 reading in August, with New Orders jumping almost 8 points to +13.4, and Shipments advancing 3 points to +14.1
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