Last night’s macro in a word is terrible. China PMI and German manufacturing offer no relief for commodities and they are linked.
My top ten reasons to be scared:
Last night China began the National Peoples Congress meetings (NPC) China makes it clear that they are targeting both growth and inflation and will tinker where they need to but the operative word is tinker.
China’s Shanghai Composite posted its worst move since November 2010 as the property index fell -9.3% and 90 stocks were limit down.
Despite a tentative Greek debt agreement, the week ended with riots in Greece and falling Asian markets. The Nikkei 225 drifted below 9,000, while the Hang Seng Index and Standard & Poors Asia 200 Index all closed lower.