Dismal international news has stocks heavily to the down side at the opening. It appears we are headed for a second consecutive sell-off day. China's Shanghai Index dropped by 5% giving back some of its huge prior weeks gains, but there are other underlying fears of a liquidity squeeze and a future growth rate reduction in what has been recently touted as the world's largest economy. Most European stock markets have followed Asia lower with losses as high as 2%. Negative news out of Greece are bringing back memories of the crisis that occurred two years ago and the huge negative impact it had on stocks. Oil prices continue to fall. Speculation that the huge drop in the price of oil will hamper capital spending and other growth projects is now overriding the positives that might emerge from increased consumer spending due to lower gas prices. Gold is up on what seems to be the fear trade as investors look to safe havens for their assets in what has become a suddenly very volatile market.
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