European stocks set to drop as losses continue into 2019
- The first trading day of the New Year was beset by data showing Chinese factory activity contracted in December for the first time in 19 months.
- December was a harsh month for global equity markets, with shares falling on fears of a potential worldwide economic slowdown.
- French, German, British and euro zone PMI manufacturing index numbers are due early Wednesday morning. Read More @ https://www.cnbc.com/2019/01/02/european-stocks-set-to-drop-as-losses-continue-into-2019.html
WHAT IS THE PSEI CHART SAYING?
Global stocks nurse New Year hangover as China data disappoint – PSEI WILL DISAPPOINT THIS QUARTER – but expect swings for good bargain buys.
Asian shares turned tail on the first trading day of the new year as more disappointing economic data from China darkened the mood and upended U.S. stock futures. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS skidded 1.6 percent as a private sector survey showed China manufacturing activity contracted for the first time in 19 months. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for December fell to 49.7, from 50.2 in November, and followed a poor official survey on factory output. “Even more eye-catching was that ‘new orders’ in both PMIs fell from expansion in November to contraction in December,” said analysts at ING. “This confirms our view that the economy is weak and that stimulus needs to arrive quickly.” The Shanghai blue chip index .CSI300 quickly shed 1.2 percent and South Korea .KS11fell 1.5 percent. Japan’s Nikkei .N225 was closed for a holiday. Read More @ https://www.reuters.com/article/us-global-markets/global-stocks-nurse-new-year-hangover-as-china-data-disappoint-idUSKCN1OW01N?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29
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