SEP 03. Chinese shipping company ordered to build 43 bulk vessels and Japan could hike the rate again in September….
The beginning of September was quite gloomy. Last month, at the Jackson Hole meeting, it was almost certain that the US would lower its rates in September, but the actual market movements were not that good today.
It was confirmed once again that China’s August economic indicators are still not good. US ISM manufacturing index for August recovered slightly from 46.8 points to 47.2 points, but it failed to surpass the 50-point mark again.
China’s COSCO Shipping suddenly placed new orders for 42 bulk carriers at once. Of course, all of them were ordered to Chinese shipyards.
Many people believe that this kind of news of large ships and machinery orders from Chinese government will be continued. These are decisions made out of urgency to save the Chinese economy at all costs.
China is trying to revive the economy by releasing money at all costs…
However, it seems that Japan’s rate hike remarks had a greater impact on the decline of U.S. stock market today.