S&P Futures are down*, Global Rally Pauses As Trade Deal Optimism Fizzles
*edit- holy shit ZH…-25 and they are sliding? Get real
Having risen to session highs on the back of fresh global optimism over trade, a delay in Brexit and fresh hopes for a "goldilocks" economy (while ignoring China's worst Industrial Production print on record), US equity futures slumped on Thursday as America and China were reportedly set to push back a key meeting on trade. European stocks trimmed an advance on the news, but remained higher while the pound fell as the Brexit saga rumbled on.
Following the meeting delay report, S&P futures tumbled from a loss to a gain while Treasuries pared a drop, the dollar gained and the yuan dropped.
Major European indices remained in positive territory, initially following the positive sentiment on Wall Street where the S&P 500 finished at a 5-month high and above the key 2800 level, although indices have since fallen off sharply from session highs following the previously noted report that the meeting between US President Trump and Chinese Premier Xi is delayed to at least April. European miners fell with the Stoxx Europe 600 basic resources index sliding as much as 0.8%, as metals slide on the weak Chinese industrial data reported overnight, and after the U.S. and China were said to push back a key meeting on trade. Chinese economic data published this morning are “putting the brakes on the rise in metals prices,” Commerzbank analysts wrote: “China’s industrial production has lost momentum more significantly than expected. Although fixed-asset investments increased slightly, they remain at a low level.”
Earlier, Asian stocks were initially higher across the as the region took early impetus from the US, where sentiment was underpinned by favorable data and a pre-quad witching surge, although the risk tone was eventually clouded as participants digested another round of disappointing Chinese data.
As noted last night, this is how China's February's data dump looked like:
China Industrial Production YoY MISS +5.3% vs +5.6% exp and +6.2% prior
China Retail Sales YoY MEET +8.2% vs +8.2% exp and +9.0% prior
China Fixed Asset Investment YoY MEET +6.1% vs +6.1% exp and +5.9% prior
China Property Investment YoY BEAT +11.6% vs +9.5% prior
China Surveyed Jobless Rate WEAKER 5.3% vs 4.9% prior
This was the weakest Industrial Production growth since March 2009 and Retail Sales growth was hovering near its weakest since May 2003.
Emerging-market currencies and shares edged lower.
Summarizing recent price action, Bloomberg notes that investors have a lot to grapple with just now. U.S. stocks have extended gains this week as economic data comes in neither too hot nor too cold, while traders in Europe on Thursday seemed to be shrugging off more warning signs from the region - perhaps because of hopes Brexit can be delayed or derailed. Figures suggesting China’s slowdown deepened in the first two months of the year added to reasons for caution following this quarter’s rebound in Asian shares.
In geopolitical news, the US announced plans to test-launch missiles later this year after President Trump recently pulled out of the Nuclear Force Treaty. Separately, the US Senate voted 54-46 to end US support for the Saudi-led war in Yemen.
Live gold Price
$1297.10
1,296.90Bid
1,297.90Ask
High: 1,304.90
Low: 1,295.10
-12.00 -0.92%
res at link
https://www.zerohedge.com/news/2019-03-14/sp-futures-slide-global-rally-pauses-trade-deal-optimism-fizzles
https://www.bloomberg.com/markets/stocks/futures
https://www.dailyfx.com/crude-oil