Chinese GDP data released overnight showed that the worlds #2 economy continues to grow

Chinese GDP data released overnight showed that the worlds #2 economy continues to grow but at an even slower rate than last quarter. Second quarter GDP growth came in at 7.6% compared to  8.1% in the first quarter. Investors are trying to milk every ounce of optimism out of the fact that the GDP data was in line with analyst’s forecasts as evidenced by Asian markets ending their session relatively unchanged. However, the reality of waning global economic and the overall fragile state of the global economy threatens to push U.S. equities markets lower for a 7^th consecutive session. Nowhere is the concern of fragility more apparent than in the Euro region. A Moody’s downgrade of Italy’s sovereign debt rating – to Baa2 – did push the country’s 10-year bond yields higher in the early session but a successful auction of 3-year bonds with sub-5% yields largely counterbalanced investor anxiety.  The ratings agency cited risks pertaining to the implementation of much needed fiscal reforms and the political climate, ahead of elections slated for early next year, as reasons for the downgrade. U.S. producer prices, which were expected to drop .3% in June, actually rose by .1% raising modest concern over potential inflation. However, core inflation was in line with estimates.  The University of Michigan’s Consumer Sentiment index will be released at 9:55 am EST. Have a great day!

 

Metals	Last	%Change	Low	High
Au-Aug	1581.2	1.01%	1565.6	1587.4
Pt-Oct	1426.1	0.96%	1414.7	1432.3
Pd-Sep	580.3	0.95%	577.90	585.00
Ag-Sep	27.210	0.18%	27.060	27.480
London	AM	PM	Minor	PGMs
Au	1579		Rh	1250
Pt	1426		Ru	115
Pd	579		Ir	1100
Ag	27.48	DJI
Currencies
	USD	EUR	JPY	GBP
USD	0	0.8209	79.279	0.646
EUR	1.21788	0	96.567	0.78693
JPY	0.01259	1.03559	0	0.008149
GBP	1.54758	1.2707	122.707	0
Oil	Last	%Change	Low	High
Brent - Sep	100.5	0.21%	100	101.56
WTI - Sep	86.65	0.21%	85.95	87.66
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