(as of 7:10 AM PST)
Weak global economic growth is the major market mover this morning with most all US and International indexes sustaining major losses to start the day. US stocks have started the day down 1% despite some encouraging economic data. Initial jobless claims were good and existing home sales were strong as well. The Philly Fed survey, a key industrial activity number was also positive and above expectations. The one negative piece was the Leading Economic Indicator number, which slipped into negative territory. It seems less likely after this week's data and international developments that the FOMC will raise interest rates in September and the fact usually pushes stocks to the positive, but not today. Overwhelming international pessimism is the order of the day and it looks like a very good day for the bears and a painful one for most others. Oil is flat after a week of steady declines while gold is reestablishing itself as a safe haven for global investors, surging over 1% today. Expect continuing weakness unless there is some significant news out of the Federal Reserve Bank relating to continued economic stimulus.
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