Good morning contrarians!
Stock futures are flat as of 0630. Bonds aren’t doing much either, with the 10-year yield right around 1.6%. Same with commodities prices, though natural gas is down 1.8%.
Some not great news this morning where China’s domestic economy is concerned. Car sales declined for a fifth straight month, by almost 20%. It was the third straight month of double-digit percentage declines as these have been accelerating. Authorities in China (and many news media) will point to chip shortages and indeed that is part of the picture. But it’s hard to see how demand isn’t dropping as well with the real estate market facing implosion.
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