Global Stocks Surge On Rebound In Chinese Data, MSCI Inclusion
ust as the official Chinese manufacturing PMI's disappointing Thursday print (to a three year low) pressured stocks on the last day of February, and sent both the MSCI World Index and the Dow Jones to three consecutive days of declines, the longest such stretch of 2019 yet, overnight's Caixin PMI which unexpectedly posted a sharp rebound in February, rising to 49.9 from 48.3 in January, offered some reassurance to investors concerned about the growth outlook that the global economic drop may have troughed while "optimism" for a trade deal returned; Treasuries extended their recent decline and the dollar pushed higher for a third day before easing back. The result is a sea of green in global stocks with the S&P trading back over the critical 2,800 level.
Bullish sentiment stormed back led by China, where shares outperformed with the Shanghai Composite closing 1.8% higher following confirmation that MSCI Inc. will quadruple the weight of Chinese stocks in its global benchmarks from 5% to 20%, while in contrast to the small decline in NBS manufacturing PMI reported just one day earlier, the Caixin manufacturing PMI bounced back in February from the dip in January. It rose by 1.6pp to 49.9, although January-February combined, Caixin manufacturing PMI averaged at 49.1, lower than 49.7 in December last year. Most sub-indexes of the survey rebounded in February vs January. The fact that the index remained just barely in contraction territory was offset by a sharp increase in the forward-looking new orders index component.
TESLA Pre-Market
307.00 -12.88 (-4.03%)
Tesla to close retail stores, only sell cars online
(love how they spin this crap)
Tesla is shutting down the bulk of its retail operations in favor of moving to an online-only sales methodology.
https://www.cnet.com/google-amp/news/tesla-close-stores-online-sales-model-3/
https://www.zerohedge.com/news/2019-03-01/global-stocks-surge-strong-chinese-data-msci-inclusion
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil
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Of course they would. Recall the huge spike in volume yesterday at 12:12pm EST needed to keep it from triggering the sell side.