US Futures, Global Stocks Extend Decline After Disappointing Chinese Data, Dollar Slides

U. S. index futures declined for the second day in a row, dipping 0.1% to the lowest in more than a week following declines in Asian and European shares. European stocks tried and failed to shrug off the negative sentiment that spurred broad-based declines in Asia following another month of disappointing Chinese macro data…

… eventually reversing gains as the euro strengthened on German growth data. The euro was up a fifth day, rising above 1.1700 for the first time in nearly three weeks after data showed that German GDP was on track for its best year since 2011, forcing Europe’s Stoxx 600 Index to retreat. The U. K.’s FTSE 100 Index jumped 0.1 percent, while Germany’s DAX Index gained less than 0.05%.
Mining companies led the drop, with many commodity prices also falling in the wake of data showing China’s economy moderating. That also weighed on Asian equity gauges, though the Nikkei closed little changed after dropping for four days. The yield on China’s 10-year debt briefly breached 4 percent for the first time in more than three years. China’s CSI300 Index slid as much as 1%, its biggest intraday drop this month, as tech shares lead decline. Sanan Optoelectronics Co. slumps 7% to pace declines on the CSI300 Index; Unigroup Guoxin Co. -5.2% as second-worst performer.

This post was published at Zero Hedge on Nov 14, 2017.