Well that de-escalated quickly...
As Reuters reports,
Chinese steel futures were on course for their biggest weekly fall since 2009 on Friday, as a selloff in the country's commodities showed signs of spreading to other global markets for raw materials such as palm oil and base metals.
Authored by MN Gordon via EconomicPrism.com (h/t David Stockman),
Rubbernecking at the economic train wreck of central planners is not without hazard. A strained collar and dry eyes, for instance, are common perils. So, too, is the lasting grimace of disbelief that comes with the rollout of each zany scheme to save us from ourselves.
Etched forehead lines and nighttime bruxism are several of the secondary effects. Not owning shares of Amazon is another. Though, over the long term, this will likely be an advantage.
Earlier today, the OPEC released its latest monthly forecast which echoed what the IEA said yesterday, as the organization which Roseneft CEO Sechin said has "practically stopped existing", said shrinking U.S. output and massive cuts to investment in new projects will reduce the global oil glut over the course of this year, potentially pushing world-wide oil production lower than demand in 2017.
In the latest indication of contracting global growth, overnight Hong Kong reported that its Q1 GDP fell off a cliff 0.4% qoq, widly missing estimates of 0.1% growth as retail sales plummeted and the property market continued its collapse. On a y/y basis, the economy grew only 0.8% when compared to the same period last year, less than half the 1.9% y/y growth reflected in Q4.
Following March's plunge in retail sales (dragging YoY to just +1.6% - recessionary territory) as Auto sales tumbled, April retail sales printed a large 1.3% surge (versus expectations of a 0.8% rise). This is the 3rd biggest MoM rise since 2010, which is odd given the utter collapse in retailers earnings and most crucially outlooks! Soaring gas prices helped but auto sales rebounded as did Amazon non-store retailers.