Gold Silver Reports ~ Stocks extended last week’s global rout, oil dropped and the South African rand led a slump in emerging-market currencies as China’s efforts to stabilize the yuan failed to halt losses in equities.
#CES2016 Lenovo kills Motorola; It will now be Moto by Lenovo https://t.co/Keq5YlqVnp, says @ShrutiDhaps pic.twitter.com/WjP8PYG8jL — Express Technology (@expresstechie) January 8, 2016
Gold Silver Reports >>> Wall Street entered the second day of trading of 2016 on the defensive as investors still reeled from a global stock sell-off Monday and evaluated the most recent steps taken by Chinese authorities to stabilize markets and reduce jitters.
Overnight, shares in mainland China stabilized with the help once again from government intervention in markets a day after a 7% plunge prompted an early halt to trading in what was the worst start to the year ever for China stocks.
Gold Silver Reports – The year 2016 is likely to see a slow start, similar to what was witnessed in the last couple of years, due to some additional slowdown in manufacturing, said Mark Vitner, senior economist at Wells Fargo Securities.
The forward looking data on manufacturing is still pointing to additional deceleration – new orders data looks horrible, while the US economy failed to record any growth in industrial production in 2015. A lot of people try to minimize the troubles in the factory-sector arguing manufacturing is a small part of the economy, but it still accounts for the bulk of the swing in GDP from quarter-to-quarter.
Gold Silver Reports – Takata Corp. surged the most in more than a year in Tokyo trading after the Sankei newspaper reported that Japanese automakers may provide support to the air-bag maker to safeguard access to its technology.
The report said the companies may jointly invest in Takata, spread the recall claims against the air-bag maker over several years and postpone their demands for price cuts for parts. Honda Motor Co., the automaker most affected by the recalls, said it’s waiting for the results of the investigation into the root cause of the defect and isn’t planning to extend aid or invest in Takata, according to spokesman Teruhiko Tatebe.
Gold Silver Reports – Crude oil surged after Saudi Arabia cut diplomatic ties with Iran amid escalating tension between the regional powers, buoying energy shares. Japanese equities slid as the yen held near the highest in more than two months, while U.S. equity-index futures advanced.