(As of 7:00 am PST)
US stocks are rebounding after Friday’s session which saw
the worst selloff for the US benchmarks in over three weeks. China is making headlines once again after
the Chinese central bank announced Sunday that it would reduce the reserve
requirements for Chinese commercial banks, freeing up approximately $200
billion in available lending. The weekend’s easing measure comes just days after
China announced new regulation that would cut down on margin lending at
brokerages as well as give investors easier access to short Chinese stocks.
China also issued communication around Friday’s moves, saying the measures were
not aimed at cooling off markets but rather to maintain their “healthy
development.” The weekend’s announcements from China sent most Asian markets
lower Monday, while giving a boost to European markets and US markets. There is
no US economic data to report today and the calendar remains light until
Wednesday. Earnings season kicks up this week with reports from Facebook,
McDonald’s, Microsoft, Starbucks and many others on the calendar to report.
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