China's president Xi was talking up the Chinese economy and markets earlier. Hard to blame him, its sorta his job, or a part of it.
Headlines are here
But, the data and markets not in tune with Xi today:
Caixin China Manufacturing PMI (Flash reading) for September: 47.0(expected 47.5)
- Shanghai Composite down 0.75% (not as bad as opening indications though)
- ASX down 1.8%
- AUD down ... the toilet
- S&P500 (futures on Globex) down 1%
I won't go on ... you get the idea
We should see some stabilsation between now and Europe/UK, but rallies will be sold into.
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It occurs to me that the solution to China's manufacturing sector declines is quite simple. More barf bag factories. Very much in demand, they are.
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Oh, and while I'm at it ...
I've been hearing quite a bit of chatter about a rebound in copper signaling better times ahead (copper being a leading indicator, Dr. Copper and all) ... anyone like to fill me in on this? I see a rebound from August lows, but its off heavily in the past few days. I have no firm opinion on it, just curious to hear thoughts from ForexLive.