Spreadex Market Update
Sell-off intensifies as investors flee China-fearing markets
Despite the JOLTS job openings being lower than expected, the figure wasn’t too far away from last month’s all-time highs, meaning the US indices could get no joy from the weaker number. Improved retail sales and solid jobless claims are unlikely to help the US markets tomorrow afternoon either; though, they may not matter at all if the People’s Bank of China scores a hat trick of devaluations between now and then. Some semblance of clarity could (should?) arise following a PBOC press conference on Thursday, though the markets likely shouldn’t get their hopes up.
Over in the Eurozone and investors seemed to be relishing the return to full blown sell-off mode, with the DAX adding taking off another 100 points to see it hit a 350 drop on the day; the CAC, meanwhile, flopped back under 5000 for the first time since the end of July. The region’s losses had extra fuel this Wednesday in the form of German scepticism. Bild is reporting that the German government doesn’t think the current bailout conditions are sufficient, and whilst the deal is likely to pass through the Greek parliament tomorrow, if could come up against real opposition in the scowling form of Wolfgang Schauble on Friday.
Even though the commodities themselves recovered somewhat this afternoon, with the FTSE’s oil stocks flat rather than falling, the dismal display put on by its mining and banking sectors ensured that the UK index’s losses only deepened as the day went on. To make matters worse, the release of this morning’s jobs figures saw the UK use up all of its useful data in one fell swoop, leaving it at the mercy of China and the commodities for the rest of the week.
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