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By Geoffrey Smith
Investing. com — China’s economy slowed in July, suggesting a bumpy path to a full recovery. PMIs around the world imply a widespread slowdown in India. Here’s what you want to know about money markets on Monday, August 1.
1. La China is slowing down; Beijing bristles as Pelosi prepares to go to Taipei
China’s production sector slowed in July, amid signs of demand from major export markets and persistent disruptions due to repeated COVID-19 outbreaks.
Caixin’s manufacturing PMI, which tracks personal sector business activity, fell to 50. 4, just above the line of 50 separating contraction from expansion, with companies reporting a decline in output and a sixth consecutive decline in employment.
Figures that China’s economy still faces large demanding situations to achieve an official expansion target of around 5. 5% this year. They were corroborated by HSBC adding an additional $150 million in provisions for credit losses to its overseas Chinese loan portfolio, reflecting crushing real estate. crisis.
In other China-related news, the speaker of the U. S. House of Representatives. U. S. Secretary of State Nancy Pelosi today begins an asia tour that is expected to include a stopover in Taiwan, despite strong warnings from Beijing opposing it.
2. Overall downward trend in the Indian PMI; Decline in retail sales in Germany
Around the world, purchasing managers’ indices also pointed to a slowdown, amply confirming the initial knowledge published a week earlier, in India, where activity rebounded strongly.
The Institute for Supply Management PMI will be published at 10:00 a. m. m. ET and is also expected to show a slight slowdown from June, while remaining obviously in expansion territory.
This contrasts with the eurozone, where output is already contracting due to the acute energy crisis and the accompanying inflationary challenge. These points also largely contributed to the biggest annual drop in German retail sales since the country began accumulating pan-German knowledge. in 1994.
3. Stocks must open mixed; Shale revenue in highlights below
U. S. stock markets are expected to beopen the week unchanged, unable to breathe after a rally last week in reaction to the quarterly effects of big tech names.
At 06:30 ET (10:30 GMT), Dow Jones futures were down 8 points, necessarily unchanged, while S futures were down 8 points.
Most of the day’s effects come after the shutdown, with oil and oil shale fuel makers Devon Energy Inc (NYSE:DVN) and Diamondback Inc (NASDAQ:FANG). Activision Blizzard Inc (NASDAQ:ATVI), CF Industries Inc (NYSE:CF), Avis Inc (NASDAQ:CAR) and Vornado Inc (NYSE:VNO) are also reporting late, while Jacobs Engineering Inc (NYSE:J) and Loews Inc Inc (NYSE:L) are ahead of the opening.
4. Grain costs fall when first shipment leaves Ukraine UN Agreement
The Sierra Leone-flagged Razoni shipment is the first to leave a Ukrainian port with grain as part of a landmark U. N. -backed deal, a tentative sign of progress in resolving a developing food crisis in the emerging world. Russia has been blocking Ukrainian ports since its invasion in February
The BBC quoted Turkish and Ukrainian officials as saying the shipment had left the port of Odessa early Monday morning local time. It will arrive in Turkish waters to be inspected on Tuesday. It is about shipping its shipment of 26,000 tons of corn to the Lebanese port of Tripoli.
Grain futures fell on the news, with U. S. corn futures. The U. S. fell 1. 5% and wheat futures fell 1. 4%.
5. Oil falls after report that marine insurance sanctions will be applied
Crude oil costs also fell after a report warned that the UK and Europe, after all, will not try to prevent all Russian oil shipments transported by sea from taking out insurance. The initiative is a vital component of the EU’s sixth package of sanctions, with the ability to disrupt shipments to third countries such as China and India.
However, the Financial Times reported that the UK had not drafted the law for this, under pressure from the US. In the U. S. , they need to reduce oil costs in time for the November midterm elections.
At 06:30 ET, U. S. crude futuresdown 1. 3% to $97. 31 per barrel, while Brent was down 0. 9% to $102. 98 per barrel.
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