Global stocks decline as gloomy economic news flow resumes… Euro zone services activity falls to a fresh record low… Central banks expected to cut rates aggressively… MSCI World stock index down 0.4 percent
Global stocks flat… Oil falls, trades around $53 a barrel… Europe shares down 0.3 percent, Japan up 1.7 percent… Wall Street facing poor start… Dollar rebounds, bonds rise
At least the traders in the futures market “know” what the Fed will do next. They’re betting on a rate hike - you can tell because the futures markets are starting to discount an interest rate hike by the Federal Reserve in October.
As I said yesterday, I spent all last week touring Europe, and checking out the local investment scene. And as I traveled from Milan to Zurich, I found the same sort of dangers threatening the Eurozone that have plagued the U.S. economy since last summer.