Good morning contrarians! It is Monday, August 15.
Some bad economic news out of China has weighed on risk sentiment overnight. The country’s central bank responded with a surprise rate cut. As of 0650:
The damage is felt mostly in commodities, which makes sense seeing how China is the world’s biggest importer of these things. WTI crude is down almost 5% to trade below $88/barrel. Copper is down 3%;
Stock futures in the U.S. are down a bit, with the S&P 500 pointing to a loss of 0.6% at the open. The Nasdaq is down a little less;
Cryptos are dropping, with bitcoin off 2% to trade around $24,000;
Bonds are flat, with the 2-year unchanged at 3.26% and the 10-year at 2.83%.
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