In this report, I cover the early market action from London on Friday, March 8th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of crude oil.
Overnight we have seen economic data out of China showing how their economy and as a result, the world economy is coming to a screeching halt. Chinese exports dropped over 15% in February and the trade surplus came out at $4.12 billion versus an expectation of around $24 billion.
Yesterday we also saw the ECB revise its growth forecast for the eurozone substantially lower for 2019 and move their forward guidance for raising rates from summer 2019 to the beginning of 2020! ECB President Draghi blamed everything and everyone except himself and the ECB for the dreadful economic situation in Europe.
With the NY Fed, Atlanta Fed and even Goldman Sachs revising U.S. GDP growth to below 1% in Q1 2019 it looks like the world's economy is fast coming to a halt and most probably moving into a recession or worse.
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