Despite a raft of dire US economic announcements, global markets have managed to put some distance between the day’s lows and current levels. This in itself is an encouraging sign, as markets could have easily taken today’s US durable goods figures and PMI numbers as a cue to sell off significantly. The FTSE and most other European markets are certainly down on the day, but the falls are nothing compared to the all out capitulation we’ve seen of late. US markets are mixed with the Dow down by roughly the same margin that the tech heavy Nasdaq is up.
UK oil stocks were amongst the heaviest fallers this morning, but have since recovered from the lows as crude oil prices rally slightly from $50. It is hoped that the announced Chinese interest rate cut will restart the Chinese economy, which was the biggest driver of the oil boom in recent years.
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