What a day makes, China closed up almost 3% last night with fairy tale promises from the PBOC. Current thinking from analysts is that today's exuberance will be short lived and caution should be exercised.
U.S. futures are up almost 2% and markets are expected to open higher.
Here is the current market situation from CNN Money
European markets are mixed today. The DAX is up 2.32% while the FTSE 100 gains 1.61%. The CAC 40 is off 0.54%.
LONDON (Reuters) - Brent oil rose on Tuesday as strong European economic data and a year-on-year increase in Chinese crude imports outweighed concerns about Asia's economic growth and global oil oversupply.
NEW YORK (Reuters) - When Keurig Green Mountain Inc said last December it was shifting its coffee buying operation to Lausanne in Switzerland from its headquarters in Waterbury, Vermont, it said the move would establish the company as a "global beverage player."
(Reuters) - AutoNation Inc , the largest U.S. auto retailer, said on Tuesday it will not sell any new or used vehicle that has an unrepaired safety defect, in a move that could boost costs but also deflect pressure from consumers, lawmakers and regulators.
After a long hiatus, we heard recently from an old friend, a prominent Seattle business lawyer whose thoughts have been featured here many times before. In his latest dispatch, he explains why a major stock-market selloff is imminent. Although many gold investors fear that this would trigger a liquidation of bullion-based assets, our friend believes otherwise.
LONDON (Reuters) - Shares rose in Europe and Asia on Tuesday while the dollar lost ground against the euro after trade data from China and Germany highlighted the divergent outlooks of the two heavyweight economies.
The last time we looked at Chinese stocks, just a few hours ago, they were down 2%, and on pace to close back under 3000, following the latest collapse in official Chinese trade data (so one can imagine what the real data was), where in August exports dropped 5.5% (vs -8.3% in July) while imports tumbled -13.8% in dollar terms (worse than the -8.1% prior). As the Reuters chart below shows, this was the 10th month in a row of declines and the worst stretch since the 2008 crisis, confirming China will need far more currency devaluation to stabilize the trade pain.
The terrible Chinese trade data was enough to initially push not only Chinese, but Asian stocks broadly lower, and served to slam the USDJPY back under 119 on the heels of another ugly Japan GDP report which rose only due to another surge in inventory accumulation even as capital spending dropped, which in turn pushed the Nikkei to a -2.4% close (despite a flash smash 400 points higher at the open), wiping out all Japanese stock gains for 2015.
That was quick -> just like that, Nikkei 225 closes -433 points (-2.4%); erasing all of its gains in 2015. #Markets pic.twitter.com/Gwe5jq2trx
At some point in the next two years, British voters will decide whether to remain a part of the European Union. This will be the first time Britons have been consulted on the subject since 1975, when 67 percent voted to stay in. If it does decide to leave, the United Kingdom will become the first country to leave the European Union since it was created as the European Community in 1957. The repercussions would be felt not just in Britain, but also across the Continent and indeed across the world. To predict the eventual result of the vote, it is first important to understand the factors that have kept the United Kingdom in the union this long.
After the Fed admitted over a year ago that the US unemployment rate (which in 2012 was supposed to be a rate hike "threshold" once it hit 6.5% and is now at 5.1%) has become irrelevant in a country where a record 94 million people have left the labor force, and with the Fed poised to hike rates even though US hourly wages have not only not increased for the past 7 years, but for the vast majority of the labor force continue to decline, some have asked - is there any labor-related chart that matters any more?
The answer: a resounding yes, only it is none of the conventional charts that algos and sometimes humans look at.
The one chart that matters more than ever,has little to nothing to do with the Fed's monetary policy, but everything to do with the November 2016 presidential elections in which the topic of immigration, both legal and illegal, is shaping up to be the most rancorous, contentious and divisive.
The chart is the following, showing the cumulative addition of foreign-born and native-born workers added to US payrolls according to the BLS since December 2007, i.e., since the start of the recession/Second Great Depression.
The chart is especially important because what it shows for just the month of August will be enough to provide the Trump - and every other - campaign with enough soundbites and pivot points to last it for weeks on end: namely, that ...
The National Federation of Independent Business's (NFIB) optimism index improved from 95.4 to 95.9 - and still not above the 42 year average of 98.. The market was expecting the index between 94.8 to 97.0 with consensus at 96.0.
China's foreign-exchange reserves fell by a record $93.9 billion in August, a result of aggressive intervention in the currency market by the country's central bank to prevent the yuan from free-falling and limit money leaving Chinese shores.
ATHENS (Reuters) - Greek banks' bad loans, which peaked after capital controls were imposed in late June, have dipped to around 45 percent of their loan books and are likely to fall further, daily newspaper Kathimerini said on Tuesday, citing bankers' estimates.
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