Greetings,

The United States: The S&P Global Composite PMI moved into contraction territory this month (PMI < 50), signaling a pullback in business activity.

Liquidity has been decreasing as the Fed reverses quantitative easing. It’s a headwind for economic growth.

China: Property shares have stabilized as Beijing plans a massive bailout.

Emerging Markets: The gap between the official and unofficial peso exchange rate has blown out (higher value = weaker peso).

Energy: US natural gas futures continue to climb.

Equities: The market has been very forgiving with the Q2 earnings misses.

Global Developments: Fund managers’ economic growth optimism is below 2008 lows.

Food for Thought: Lastly, let’s take a look at the value of China’s imports from Russia.

Edited by Alexander Bowers

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