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Dave Lutz of Stifel, Nicolaus relays to us the conversations he’s having with clients this morning.
- General risk off. Copper getting hit hard on weak Chinese data and chatter about higher bad loan numbers.
- Despite the weak Chinese PMI, the yuan has hit its highest level against the dollar in 7 months.
- There’s a PriceWaterhouseCooper report about China’s mountain of bad debt that’s depressing sentiment.
- Eurozone PMIs: weak.
- Spanish bond auction: fine.
- Steep fall in Japanese exports.
- Annual sales of 30-year corporate debt tops $100 billion for first time since the crisis.
- Emerging markets like Brazil and Turkey taking defensive measures to keep their currencies weak in the face of massive easing elsewhere.
Also, Michael Block of Phoenix Capital offers a few more observations:
- Asia is really getting creamed. We’ll soon see if the ‘Beijing Plunge Protection Squad’ really exists, given the weakness in the Shanghai Composite.
- The Japanese yen is now STRONGER than it was before the BOJ did more QE yesterday. May force BOJ into action.
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