China growth stats provide some solace for bruised market

Market Analysis /
19 Oct 2018

Wall Street sold off yesterday amidst concerns of a global economic slowdown, although the fact that Chinese GDP and retail sales figures came in very close to expectations seems to have allayed at least some of these fears, leaving futures markets to shuffle a little higher as we move towards the weekend break. There’s no escaping the fact that it has been a volatile week with the DOW ranging by over 3%, but at least so far, we’ve avoided the scale of selling we saw last week – the question remains however just how long will the market be willing to tread water?

There’s now limited economic data due before the end of the week and whilst US earnings season is set to progress, highlights today are relatively limited with State Street, Proctor & Gamble and Honeywell being amongst the more notable names. The real focus however remains that global economic outlook. We may have dodged a proverbial bullet with the Chinese numbers not being quite as bad as expected, but it feels as if we’re marking time ahead of the next bout of volatility for equities.

Ahead of the open we’re calling the DOW up 21 at 25400 and the S&P up 5 at 2774.

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