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When I went to sleep Monday night I already saw the announcement showing continued decline in manufacturing data out of China. However, their stock market was in positive territory, as were US stock futures.
The story was quite different when my dachshunds woke me up in the morning. The CNBC headline on my phone read that stock futures were in the tank Tuesday because of weak manufacturing out of China.
How can that be?
Then I was reminded that the Chinese government actually manipulates their stock market. How else do you explain it being within a stone's throw of the 3,000 level for more than 3 months?
However, European and US markets did not take as well to the news. Even the IMF had to chime in and say that they see increasing risk of "larger spillovers" from China to the rest of the world.
It was easy to impress investors at 1810 or 1900 or even 2000. But with the market all the way up to 2100 it appears that better proof of economic health is needed to advance further.
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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