The Traderszone Network

Asian stocks and oil fell on Monday after Wall Street suffered another bruising blow as deepening concerns over the slowing Chinese economy continued to unnerve global equity markets.

While many investors remain frightful as the broader markets continue to sell off, PIMCO’s Tony Crescenzi, said Sunday he sees this as an opportunity.

The yen climbed to a six-week peak against the dollar early on Monday and raced to a two-year high on its Australian peer as investors sought the safety of the Japanese currency on heightened risk aversion. Worries about a slowing Chinese economy, and in turn global growth, flared up last Friday after a survey showed a further deterioration in China’s manufacturing activity.

Even after a horrendous week, the market is still trading at rich valuations. That may keep the bulls on the sidelines in the week ahead.

Asian stocks and oil fell on Monday after Wall Street suffered another bruising blow as deepening concerns over the slowing Chinese economy continued to unnerve global equity markets. The safe-haven yen rallied and key government bonds were bought from the widespread unrest in the financial markets, set in motion nearly two weeks ago when China devalued its currency and generated fears about the state of its economy.

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Reserve Bank of New Zealand, Deputy Governor Grant Spencer speaking about the Bank’s view of the property market
 with a link to the full text of his speech

Opening indications for Chinese stockmarkets:
– Shanghai Comp to open down 3.8%
– CSI300 index to open down 3.8% also
– Shenzen down 4.3%
–
Meanwhile, the Hang Seng (HK) is down 3.6% in pre mkt