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Global Shares Kick Off the New Year In the Red, Gold Up

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Published : January 02nd, 2019
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Category : Editorials

The S&P 500, FTSE (UK), DAX (Germany) are all deep in the read as I type. Gold is up.

As of about 4:00 AM Central, the US markets are poised to start about 1.5% in the red.

We have seen a lot of miracle closes in the waning days of 2018. This could be another one, but I doubt it.

In Asia, weak economic data sent markets lower. The China Caixin manufacturing purchasing managers index fell to 49.7 in December, according to data released Wednesday. That is the first time the sector has been in contraction territory—below 50—since May 2017.

Hong Kong’s Hang Seng Index led declines, falling 2.4% midday. The Shanghai Composite Index was off by 1.1% and Australia’s S&P/ASX was down 1.5%. Japanese stocks were closed for a public holiday.

This has little or nothing to do with weak Chinese data. Equities are horrendously overpriced and the US is headed for a recession.

Happy New Year

Source : moneymaven.io
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Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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