Asian markets are down big. The reason being touted by the major outlets: Europe. No where am I seeing the Chinese PMI to blame.
Maybe because the PMI was a decent number, no where near suggesting an economy drastically slowing down.
Remember, we have had a few reasons for the market selling off since August:
1st - Standard and Poor's down grade of US debt
2nd - EU bank run fears (which stemmed from the PIGS sovereign debt issues)
3rd - A drastic Chinese slow down
4th - America entering into a recession
Since the Chinese PMI doesn't fit into the Chinese slowdown thesis, I guess the media couldn't use that as an excuse.
I guess until action is seen in Europe, the uncertainty (what ever is left of it) can still be used to blame negativity on it. Despite very real progress from Ireland, an amended EFSF (where the wide margin votes from most countries really show how much all political parties want to maintain some form of stability) and a leaked plan (although complimented with a ton of noise from the more ignorant political folks in the EU).
At least, I do not see the media outlet touting 'Asian Markets down due to leading US economic indicators'. What serious media outlet would use "indicators" as solid justifications? Especially when the majority of SP500 companies are multi-nationals, and get a chunk of their revenue from the BRIC countries. (Which the last time I checked are still growing, albeit more slowly, but have a lot of room to ease and support their growing middle class consumers.) But, who knows, maybe I will start seeing these headlines this week.
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