The lack of significant data points makes for a slow trading day unless breaking news shakes up the day. New Zealand is reporting retail sales tonight. However, global markets remain concerned about China’s slowing economy, although many developing nations would love to grow at a 7.6 percent annual rate. Frankly, China’s growth depends heavily on growth in the US and Europe so slowing demand on those continents is the primary reason for the slowdown in China. Retail sales in China are up 13 percent year over year. However, domestic consumption is not yet a large enough part of their economy to offset slumping exports.
The slowdown in China also affects other Asian countries that depend on China to order raw materials and intermediate goods, such as Japan, S. Korea, Taiwan and Australia. In the US the USDA releases its weekly crop condition report as well as its oil crop outlook report for August. The pace of economic activity will increase on Tuesday as a slew of economic data points are released.
As always, respect your capital, protect your capital, and keep your head in the game.
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All times EST.
|Today’s Global Economic Calendar|
|04:00 PM||US: August Oil Crops Outlook|
|06:45 PM||New Zealand: Retail Trade|
|07:50 PM||Japan: BoJ MPB Minutes|
|07:50 PM||Japan: Tertiary Index|
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No notable earnings announcements today.