ASIA: China managed a gain despite losses across Asia. Yesterday’s late-day 25 basis-point interest rate hike from China slammed markets.
Still, while Asian markets first sold off, they then gradually regained lost ground through the day and Chinese mainland stocks managed overall gains despite the fact that property stocks there fell hard.
Companies such as Vanke and Poly Real Estate were down 4-5% today. Note that anecdotal reports show plunging property transaction volumes across many Chinese cities according to China Daily.
Japan’s leading economic indicator was revised up, but still showed the second consecutive monthly drop in August.
EUROPE: Is falling slightly. French strikes are entering their seventh painful day. If it’s any consolation, the Conference Board’s leading economic indicator for France increased 0.9% in August, though this latest calculation obviously doesn’t include the effects of the recent unrest.
MACRO: Gold dropped to near $1,340 and is now holding around there.
U.S. FUTURES: Are rising nonetheless. Look for EIA petroleum data at 10:15 AM ET.
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