Good morning! A busy week is at hand.
We’re in the midst of getting PMI manufacturing data from around the world, and beyond that there’s a big slew of economic data that will be coming out. We’re also in the midst of a significant bout of global market volatility.
To start things off, Japan’s Nikkei has officially entered “correction” territory after falling 1.98% last night. The index is now down over 10% year to date.
Meanwhile, we’re seeing some weakness today in both the Turkish Lira and the South African Rand.
Over the weekend we got weak Chinese manufacturing data, factor that’s likely to further weigh on these emerging market currencies.
Meanwhile in Europe, we’ve seen German stocks go modestly negative after initially starting higher. Italy is also down slightly.