Markets in Details: 23 September 2019

23 September, 2019

The market sentiment is taking a hit on Monday after U.S. President Trump called China a threat to the world and dismissed the possibility of a near-term trade deal on Friday at a press conference.  While crude oil held steady at 58, gold and treasuries gained during Monday’s session as investors sought haven assets.

Investors’ risk-off attitude is also attributed to the weaker than expected manufacturing reading from Germany and Europe. Germany’s manufacturing recession sank deeper and its services sector posted a marked slowdown.  The country’s composite PMI for September fell to 49.1 versus 57.1 in August, showing a contraction.

Despite the gloomy outlook for Europe and China, the U.S. economy is still moving at a steady pace. U.S. manufacturing PMI registered a 51 in September, still expanding despite the trade war. The latest reading showed the U.S. manufacturing stage a recovery helped by strong new order growth and output rate. However, export orders continue to deteriorate dropping for the fourth month.


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