Need to Know: China, not U.S., will be 2019's growth story
Just a day after a rally for Wall Street, Germany dimmed the lights on global growth with the worst manufacturing purchasing managers index numbers in nearly 7 years on Friday. The reaction was instant, with risky assets everywhere taking a hit and the yield on the 10-year German bond careened to zero.— Trinh March 22, 2019 “It’s unusual to see such a widespread response to a piece of data like this but we have to remember that this is not a domestic problem.
So with the jury out on U.S. growth and Europe clearly in trouble, who should investors turn to? Our call of the day from Saxo Bank’s Steen Jakobsen advises investors to diversify beyond U.S. shores this year to that trade friend/foe China, which has been pushing hard to keep its own global engine from stalling.
And as the Chinese government tells its 90 million domestic retail investors to boost allocation to stocks, those elsewhere such as in the U.S. will also need to boost that as capital markets are reweighted later this year. The chart Our chart of the day offers a look at the ripple effect of the weak Europe data this morning. Here’s the yield on German government’s 10-year bond TMBMKDE-10Y, -111.42% or the bund, dropping below 0% for the first time in two years. Yields fall as prices rise. Elsewhere, the 10-year Treasury note yield TMUBMUSD10Y, -2.32% has hit a fresh 15-month low at 2.490% this morning.
At a seemingly prime time for IPOs, with Levi LEVI, +31.82% off to a gangbuster start Thursday, Pinterest has sped up the timing of its own offering, say sources.
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