09/08/18

Futures Flat As China Charges Higher; Ruble, Lira, Kiwi Collapse



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Futures Flat As China Charges Higher; Ruble, Lira, Kiwi Collapse
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If yesterday global stocks largely ignored Wednesday's slump in Chinese stocks, today they are doing the mirror image, barely responding as the Shanghai Composite rebounds strongly from near 2018 lows. European shares slid while U.S. index futures were mostly flat following a positive session in Asia that saw Chinese equities shrug off the latest tariff escalation between DC and Beijing. European stock markets struggled on Thursday with trade war worries, Russia's ruble tumbled after the United States imposed fresh sanctions on the country and Turkey's lira dropped to a new low.

Energy majors led the drop in Europe's Stoxx 600 Index following yesterday's sharp drop in crude. European equities traded lower (Eurostoxx 50 -0.1%) with heavier underperformance in the FTSE 100 following a plethora of large cap ex-dividends, as well as the abovementioned weakness in energy names. Consumer discretionary outperforms on the ...

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