We’re off to another disappointing start on Wall Street
today. There’s a cautious mood
throughout global equity markets after an uninspiring report from the
International Monetary Fund was released earlier today. The IMF cut its global
growth forecast to 3.3% in 2014 and 3.8% in 2015. The downward revisions from
the IMF’s July forecasts, reflect a stagnating European economy that looks like
it’s on the brink of another recession, and weaker results out of Japan and
China. All of the major European indexes
were down more than 1% today after the IMF report and several disappointing
euro-zone economic reports. In the US,
economic data is light as investors braced for the kickoff of earnings season
tomorrow. Hopefully, earnings results
will provide a ‘shot in the arm’ of what appears to be a tired and fragile US
stock market. Gold is higher today and oil lower while the 10 yr. treasury
yield fell below 2.4% as money flowed to the safe haven in the early going of
today's session.
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