China PMI Mfg falls once again to 53.8 from 54 while GDP estimates are low at 7.3%. A split exists on U.S. Mfg data as PMI Mfg drops to 55.9 vs prior 57.5 while ISM Mfg Index rose sharply to 59 from 55.6. (Which is correct?) Construction Spending was improved but was still weak at -0.4% vs -0.8%. The NAR reported home buying by millennials fell to a 27 year low. I guess it’s safe to assume student loan debt is in the way along with low paying jobs.
Stocks in Europe were weaker as earnings news from several firms disappointed. In the face of increasing North American oil production, Saudi Arabia cut oil prices to Asian customers as a price war