More dovish China news rattled the markets overnight and the yen remained the winner in London trading. China’s announcement that they plan to slow steel and cement production has the market trading with an overall risk averse tone. European bourses have dipped down to flat for the day after some respectable gains early on. The selling was despite better economic data across the pond. UK home prices rose a better than expected 1.6% in August on the heels of a 1.4% add the prior month. Moreover, German consumer confidence printed a better than anticipated result of 3.7 for September. This was not enough to turn the market’s pessimism. Full text »
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