If yesterday’s selloff catalysts were largely obvious, if long overdue, in the form of the record collapse of Espirito Santo coupled with the Argentina default, German companies warning vocally about Russian exposure, the ongoing geopolitical escalations, and topped off by a labor costs rising and concerns this can accelerate a hiking cycle, overnight’s latest dump, which started in Europe and has carried over into US futures is less easily explained although yet another weak European PMI print across the board, with UK manufacturing growing at the slowest pace in a year in July as a cooling in new orders and output ended the first half’s “stellar growth spurt”, probably didn’t help.
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What are your plans for the upcoming economic collapse?
David DeGerolamo
Every economic indicator is down, except manufacturing in China, or so it says. Is China playing PsyOps?