- Chinese manufacturing had an even worse December than expected, darkening the mood for global equities and upending U.S. stock futures as they start 2019.
- The Caixin/Markit Manufacturing PMI fell to 49.7 in December from 50.2 in November, dropping below the critical 50 level that separates growth from contraction.
- Besides the first shrinking factory activity figure in 19 months, two separate measures for new orders and new export orders showed contraction amid a trade dispute with the U.S.
- Asia: Nikkei closed; Hang Seng -3%; Shanghai -1.2%. Sensex -1.3%.
- Europe: FTSE 100 -1.8%; CAC 40 -2.4%; DAX -1.3%.
- U.S. futures: Dow -2%; S&P -2%; Nasdaq -2.6%.
- Oil is down 1.8% at $44.61/bbl, gold is up 0.7% to $1291/ounce and the 10-year Treasury yield is flat at 2.69%.
- Previously: Trade war sees China factory activity contract (Dec. 31 2018)
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