Daily Note – China Crisis?

China Stock Market SlideSummary

  • China: Manufacturing Sentiment slows again
  • Greece: Snap election highlights risks to bailout
  • United States: Data continues to strengthen

Good Morning,

Poor market performance on Thursday spilled over to Friday’s Asia session, with Asian currencies weakening, equity markets selling off and sentiment remaining fragile. The China “flash” manufacturing PMI was very weak, falling to 47.1, versus consensus of 48.2. The report pushed equities and currencies lower across the board, despite generally upbeat economic news from the US.’

Concerns about the weakness of the global economy and a ‘Made in China’ recession are growing, plus the risk of renewed deflationary pressures remains high. Commodity prices, particularly oil, remain under pressure. The Shanghai Composite and Nikkei were both down by more than 2% and the Malaysian ringgit remains the worst performing currency in August.

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GlobalMacro360 Daliy Note 21st August 2015

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