U.S. stock futures fall on weak China economic data

US stock index futures fell Monday after weak economic data from China renewed fears of an economic slowdown in the world’s second largest economy.

Stocks of apples are falling

Reuters:

China’s central bank cut key lending rates to boost demand as data showed the economy slowed unexpectedly in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and by a real estate crisis.

Megacap growth and tech stocks like Apple Inc and Amazon.com Inc each fell 0.5% in pre-bell trades, while banks also fell after posting six consecutive weeks of earnings.

Traders are seeing nearly equal odds for the Fed’s rate hike of 50 basis points or 75 basis points in September.

MacDailyNews takes: “Zero COVID” is a pipe dream. As Einstein, or anyone else, said, “Madness is always doing the same thing and expecting different results.”

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The drop in US stock futures after falling weak Chinese economic data first appeared on MacDailyNews.

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