OK, it wasn’t a horrendous drubbing like we saw on Tuesday and last Friday (and less so on Monday), but hard to get too excited about today if you’re bullish.But first, the scoreboard:
S&P 500: +6
And now, the top stories:
- It was another big drubbing in Shanghai last night, and once again the concerns about the world’s biggest industrial brought down commodities. The Shanghai Composite is down over 10% from its recent highs. The rest of Asia was similarly downbeat.
- In Europe the day was characterised by more of the same: lots of headlines little noise. There’s still no bailout in Ireland, though there was tons of talk.
- And in the US it was actually fairly quiet. Stocks were down early, then went up, and then went down, and then ended where they did, which on the equity side was a split decision. But commodities continue to get hammered. Gold fell again. Oil got hammered, and is now below $81.
- There were two big macro datapoints. CPI came in very cool. There’s still no inflation, and housing starts plunged (though permits ticked up, so maybe a wash?).
- All eyes now turn to the GM IPO, tomorrow’s highly-anticipated Philly Fed, and of course initial claims, to see if the good numbers from last week carry over.