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ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

Financial stress in China and weak US and euro PMIs set the scene for global markets this week. It started out with continued focus on China where the housing crisis and financial risks from shadow banking has resurfaced. Chinese financial stress eased somewhat during the week, though, as there was no new bad news to fuel a further sell-off. It does not mean the problems are no longer there, however. We see increasing downside risks to Chinese growth and have revised down the annual growth estimate to 4.8% from 5.2%, see Resarch China: downside risks on the rise - scenarios for Chinese growth,...

Financial stress in China and weak US and euro PMIs set the scene for global markets this week. It started out with continued focus on China where the

Weak PMI for the US and euro area: PMI data disappointed yesterday in both the US and Euro area pushing bond yields lower while supporting equities as expectations for further hikes from the Fed and ECB were scaled back. In the US Composite PMI dropped to 50.4 in August from 52.0 in July with declines in both manufacturing and services. The European PMI figures also came out much weaker than expected with services showing renewed signs of slowing. The German Services PMI numbers stood out with a massive 5 index points decline, which has only happened three times before with the latest being in...

Euro Area PMI data came in below expectations which is likely to fuel talk of a pause from the ECB in September. Eyes now on Christine Lagarde at Jackson Hole for more guidance.